TD Asset Management Inc Reduces Position in Globant S.A. $GLOB

Key Points

• TD Asset Management Inc reduced its holdings in Globant S.A. by 6.9%, owning 114,982 shares after selling 8,538 shares during the second quarter.
• Globant's stock increased by 2.4% and currently has a market cap of $2.55 billion, with a twelve-month range between $54.36 and $238.32.
• The company recently authorized a $125 million share buyback plan, indicating management's belief that its shares are undervalued.

TD Asset Management Inc cut its holdings in shares of Globant S.A. (NYSE:GLOB - Free Report) by 6.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 114,982 shares of the information technology services provider's stock after selling 8,538 shares during the period. TD Asset Management Inc owned approximately 0.26% of Globant worth $10,445,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. CWM LLC boosted its position in shares of Globant by 30.1% during the second quarter. CWM LLC now owns 636 shares of the information technology services provider's stock valued at $58,000 after buying an additional 147 shares during the last quarter. Lecap Asset Management Ltd. purchased a new stake in shares of Globant during the second quarter valued at $1,855,000. Avior Wealth Management LLC boosted its position in shares of Globant by 27.9% during the second quarter. Avior Wealth Management LLC now owns 3,850 shares of the information technology services provider's stock valued at $350,000 after buying an additional 841 shares during the last quarter. Counterpoint Mutual Funds LLC purchased a new stake in shares of Globant during the second quarter valued at $272,000. Finally, GAMMA Investing LLC boosted its position in shares of Globant by 33.2% during the second quarter. GAMMA Investing LLC now owns 988 shares of the information technology services provider's stock valued at $90,000 after buying an additional 246 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Stock Up 2.4%

GLOB stock opened at $57.91 on Friday. Globant S.A. has a twelve month low of $54.36 and a twelve month high of $238.32. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.19. The stock has a market cap of $2.55 billion, a P/E ratio of 23.54, a PEG ratio of 2.54 and a beta of 1.17. The business's 50-day moving average price is $62.35 and its 200-day moving average price is $86.95.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The information technology services provider reported $1.53 earnings per share for the quarter, beating analysts' consensus estimates of $1.52 by $0.01. Globant had a return on equity of 10.76% and a net margin of 4.44%.The firm had revenue of $614.18 million for the quarter, compared to analysts' expectations of $612.66 million. During the same period in the previous year, the firm earned $1.51 EPS. The business's quarterly revenue was up 4.5% on a year-over-year basis. Globant has set its Q3 2025 guidance at 1.530- EPS. FY 2025 guidance at 6.120- EPS. On average, equities research analysts forecast that Globant S.A. will post 5.73 EPS for the current year.

Globant declared that its board has authorized a share buyback plan on Wednesday, October 1st that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Needham & Company LLC dropped their price objective on Globant from $115.00 to $85.00 and set a "buy" rating on the stock in a research report on Friday, August 15th. JPMorgan Chase & Co. cut Globant from an "overweight" rating to a "neutral" rating and set a $78.00 target price on the stock. in a research report on Friday, August 15th. Canaccord Genuity Group reissued a "hold" rating and issued a $97.00 target price (down from $165.00) on shares of Globant in a research report on Thursday, June 26th. The Goldman Sachs Group dropped their target price on Globant from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday, October 9th. Finally, UBS Group dropped their target price on Globant from $120.00 to $75.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 20th. Eight investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $138.47.

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.

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