Nuveen Asset Management LLC Trims Stake in Globant S.A. (NYSE:GLOB)

Nuveen Asset Management LLC lessened its holdings in shares of Globant S.A. (NYSE:GLOB - Free Report) by 2.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 105,491 shares of the information technology services provider's stock after selling 3,101 shares during the period. Nuveen Asset Management LLC owned about 0.24% of Globant worth $22,619,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. GQG Partners LLC purchased a new position in shares of Globant during the 4th quarter worth approximately $84,906,000. Canada Pension Plan Investment Board purchased a new stake in shares of Globant in the 4th quarter worth approximately $60,913,000. JPMorgan Chase & Co. grew its stake in shares of Globant by 8.6% in the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider's stock worth $551,506,000 after buying an additional 203,472 shares during the last quarter. Capital International Investors grew its stake in shares of Globant by 13.1% in the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider's stock worth $364,723,000 after buying an additional 197,064 shares during the last quarter. Finally, abrdn plc grew its stake in shares of Globant by 36.7% in the 4th quarter. abrdn plc now owns 470,150 shares of the information technology services provider's stock worth $101,564,000 after buying an additional 126,333 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company's stock.

Globant Stock Performance

Shares of NYSE GLOB traded down $0.08 during midday trading on Thursday, hitting $98.83. 251,722 shares of the stock traded hands, compared to its average volume of 1,001,333. The firm has a 50-day moving average of $113.92 and a two-hundred day moving average of $171.07. The firm has a market capitalization of $4.35 billion, a P/E ratio of 26.56, a PEG ratio of 2.38 and a beta of 1.37. Globant S.A. has a one year low of $88.03 and a one year high of $238.32.

Globant (NYSE:GLOB - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.08). The firm had revenue of $611.09 million for the quarter, compared to the consensus estimate of $622.18 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. Globant's quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.53 earnings per share. Equities analysts forecast that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. JPMorgan Chase & Co. cut their price target on Globant from $248.00 to $242.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Canaccord Genuity Group cut their price target on Globant from $205.00 to $165.00 and set a "hold" rating on the stock in a research note on Monday, February 24th. The Goldman Sachs Group downgraded Globant from a "buy" rating to a "neutral" rating and cut their price target for the stock from $225.00 to $120.00 in a research note on Friday, May 16th. Guggenheim lowered their price objective on Globant from $150.00 to $125.00 and set a "buy" rating on the stock in a research report on Friday, May 16th. Finally, Scotiabank lowered their price objective on Globant from $170.00 to $140.00 and set a "sector perform" rating on the stock in a research report on Tuesday, April 29th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, Globant presently has an average rating of "Moderate Buy" and a consensus target price of $179.19.

About Globant

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.