Globant S.A. (NYSE:GLOB) Stock Position Cut by Riverbridge Partners LLC

Riverbridge Partners LLC cut its stake in Globant S.A. (NYSE:GLOB - Free Report) by 7.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,056,071 shares of the information technology services provider's stock after selling 87,730 shares during the quarter. Globant comprises about 2.0% of Riverbridge Partners LLC's investment portfolio, making the stock its 13th biggest position. Riverbridge Partners LLC owned 2.40% of Globant worth $124,321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Congress Wealth Management LLC DE grew its holdings in Globant by 2.9% during the 4th quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider's stock valued at $575,000 after purchasing an additional 76 shares in the last quarter. Treasurer of the State of North Carolina boosted its position 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 buying an additional 110 shares during the last quarter. Blue Trust Inc. boosted its position 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 buying an additional 116 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Globant by 2.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,813 shares of the information technology services provider's stock valued at $1,032,000 after acquiring an additional 118 shares in the last quarter. Finally, Commerce Bank increased its position in shares of Globant by 8.8% during the fourth quarter. Commerce Bank now owns 1,873 shares of the information technology services provider's stock worth $402,000 after acquiring an additional 151 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company's stock.

Globant Stock Performance

Shares of NYSE GLOB traded down $0.43 during midday trading on Friday, hitting $87.58. The company's stock had a trading volume of 1,252,453 shares, compared to its average volume of 720,392. The firm has a market cap of $3.86 billion, a P/E ratio of 25.91, a P/E/G ratio of 1.70 and a beta of 1.24. Globant S.A. has a 1-year low of $86.96 and a 1-year high of $238.32. The firm's fifty day moving average price is $108.55 and its 200-day moving average price is $156.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.56 and a current ratio of 1.56.

Globant (NYSE:GLOB - Get Free Report) last issued its earnings results on Thursday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, missing analysts' consensus estimates of $1.58 by ($0.08). The company had revenue of $611.09 million during the quarter, compared to analyst estimates of $622.18 million. Globant had a net margin of 6.16% and a return on equity of 11.08%. The business's revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.53 earnings per share. On average, sell-side analysts forecast that Globant S.A. will post 5.73 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on GLOB. Susquehanna reduced their price target on Globant from $225.00 to $160.00 and set a "positive" rating for the company in a report on Wednesday, April 23rd. Mizuho set a $153.00 target price on Globant and gave the company an "outperform" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. dropped their price target on shares of Globant from $248.00 to $242.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Piper Sandler cut shares of Globant from an "overweight" rating to a "neutral" rating and cut their price target for the company from $154.00 to $116.00 in a report on Friday, May 16th. Finally, Wall Street Zen raised shares of Globant from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $179.19.

Globant Company Profile

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.