Polen Capital Management LLC Purchases 139,894 Shares of Globant S.A. (NYSE:GLOB)

Key Points

• Polen Capital Management LLC has increased its stake in Globant S.A. by 22.0%, acquiring an additional 139,894 shares, bringing its total ownership to 774,418 shares.
• Globant reported earnings per share (EPS) of $1.50 for the most recent quarter, missing expectations by $0.08, with revenue rising 7.0% year-over-year to $611.09 million.
• Major equities analysts have lowered their price objectives for Globant, with Susquehanna and Goldman Sachs reducing their targets significantly, indicating a possible decline in investor confidence.

Polen Capital Management LLC increased its position in shares of Globant S.A. (NYSE:GLOB - Free Report) by 22.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 774,418 shares of the information technology services provider's stock after purchasing an additional 139,894 shares during the period. Polen Capital Management LLC owned 1.76% of Globant worth $91,164,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Signaturefd LLC increased its holdings in Globant by 29.7% in the 1st quarter. Signaturefd LLC now owns 389 shares of the information technology services provider's stock valued at $46,000 after acquiring an additional 89 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in Globant by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 18,490 shares of the information technology services provider's stock valued at $3,965,000 after acquiring an additional 110 shares during the last quarter. Blue Trust Inc. increased its holdings in Globant by 23.6% in the 1st quarter. Blue Trust Inc. now owns 607 shares of the information technology services provider's stock valued at $71,000 after acquiring an additional 116 shares during the last quarter. Commerce Bank increased its holdings in Globant by 8.8% in the 4th quarter. Commerce Bank now owns 1,873 shares of the information technology services provider's stock valued at $402,000 after acquiring an additional 151 shares during the last quarter. Finally, Benjamin Edwards Inc. increased its holdings in Globant by 4.8% in the 4th quarter. Benjamin Edwards Inc. now owns 3,320 shares of the information technology services provider's stock valued at $712,000 after acquiring an additional 151 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors.

Globant Trading Down 4.4%

NYSE:GLOB opened at $74.53 on Friday. Globant S.A. has a one year low of $74.15 and a one year high of $238.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $3.28 billion, a P/E ratio of 22.05, a P/E/G ratio of 3.07 and a beta of 1.16. The firm has a 50-day simple moving average of $89.89 and a 200-day simple moving average of $123.99.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.08). Globant had a net margin of 6.16% and a return on equity of 11.08%. The business had revenue of $611.09 million during the quarter, compared to the consensus estimate of $622.18 million. During the same quarter in the prior year, the firm posted $1.53 EPS. The company's revenue for the quarter was up 7.0% compared to the same quarter last year. Equities analysts anticipate that Globant S.A. will post 5.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Susquehanna dropped their price objective on shares of Globant from $225.00 to $160.00 and set a "positive" rating for the company in a research note on Wednesday, April 23rd. Canaccord Genuity Group reissued a "hold" rating and issued a $97.00 price objective (down from $165.00) on shares of Globant in a research note on Thursday, June 26th. The Goldman Sachs Group cut shares of Globant from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $225.00 to $120.00 in a research note on Friday, May 16th. Wall Street Zen raised shares of Globant from a "sell" rating to a "hold" rating in a research note on Monday, May 19th. Finally, Mizuho set a $153.00 price objective on shares of Globant and gave the stock an "outperform" rating in a research note on Monday, May 19th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $165.69.

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.

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