Public Employees Retirement System of Ohio Sells 144,485 Shares of Globant S.A. $GLOB

Key Points

• Public Employees Retirement System of Ohio cut its Globant stake by 68.9%, selling 144,485 shares and retaining 65,099 shares valued at about $3.0 million. Institutional investors collectively own 91.6% of the company.
• Globant reported quarterly revenue of $607.1 million, above estimates, while adjusted earnings of $1.50 per share matched consensus; revenue declined 0.7% year over year. The board also authorized a $50 million share buyback, covering up to 2.9% of outstanding shares.
• Shares opened at $36.52, near the lower end of their 52-week range of $27.56 to $89.37. Analysts maintain a consensus “Hold” rating with an average price target of $52.75, although several firms recently lowered their targets.

Public Employees Retirement System of Ohio lessened its position in shares of Globant S.A. (NYSE:GLOB - Free Report) by 68.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,099 shares of the information technology services provider's stock after selling 144,485 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.15% of Globant worth $3,002,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Pzena Investment Management LLC acquired a new position in shares of Globant in the first quarter valued at $136,893,000. Alliancebernstein L.P. boosted its stake in Globant by 6,875.8% during the second quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider's stock worth $84,413,000 after buying an additional 915,924 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Globant by 601.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 783,930 shares of the information technology services provider's stock valued at $44,982,000 after buying an additional 672,175 shares during the period. Principal Financial Group Inc. increased its holdings in Globant by 340.3% in the 4th quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider's stock valued at $53,323,000 after buying an additional 630,440 shares during the period. Finally, Two Sigma Investments LP raised its stake in shares of Globant by 493.8% in the 3rd quarter. Two Sigma Investments LP now owns 660,296 shares of the information technology services provider's stock valued at $37,888,000 after buying an additional 549,089 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

Globant Stock Performance

Globant stock opened at $36.52 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82. The stock has a fifty day moving average price of $34.17 and a two-hundred day moving average price of $44.36. Globant S.A. has a 52-week low of $27.56 and a 52-week high of $89.37. The firm has a market capitalization of $1.60 billion, a P/E ratio of 14.85, a P/E/G ratio of 1.37 and a beta of 1.06.

Globant (NYSE:GLOB - Get Free Report) last issued its earnings results on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, meeting the consensus estimate of $1.50. Globant had a net margin of 4.46% and a return on equity of 9.87%. The company had revenue of $607.09 million for the quarter, compared to the consensus estimate of $601.65 million. During the same quarter in the previous year, the company earned $1.50 EPS. The firm's revenue for the quarter was down .7% compared to the same quarter last year. As a group, analysts anticipate that Globant S.A. will post 4.9 EPS for the current fiscal year.

Globant declared that its board has approved a share buyback plan on Monday, May 18th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to purchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on GLOB shares. UBS Group reduced their price objective on shares of Globant from $75.00 to $50.00 and set a "neutral" rating for the company in a report on Tuesday, May 5th. Susquehanna lowered their target price on shares of Globant from $90.00 to $78.00 and set a "positive" rating on the stock in a research note on Friday, May 15th. Canaccord Genuity Group dropped their price target on shares of Globant from $50.00 to $40.00 and set a "hold" rating for the company in a research report on Friday, May 15th. Citigroup cut their price target on shares of Globant from $42.00 to $37.00 and set a "neutral" rating for the company in a research note on Monday. Finally, Wells Fargo & Company decreased their price objective on Globant from $50.00 to $42.00 and set an "equal weight" rating on the stock in a report on Friday, July 10th. Six investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $52.75.

About Globant

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant's service offerings span strategy consulting, custom software engineering, digital experience design and managed services.

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