Globant S.A. (NYSE:GLOB) Shares Sold by Thornburg Investment Management Inc.

Key Points

• Thornburg Investment Management Inc. reduced its stake in Globant S.A. by 20.4% during the first quarter, now owning approximately 0.26% of the company valued at $13.31 million.
• Amid various institutional shifts, 91.60% of Globant's stock is currently held by institutional investors and hedge funds, indicating strong institutional interest.
• Globant's recent quarterly earnings report showed an EPS of $1.50, missing estimates by $0.08, with revenue of $611.09 million, representing a 7.0% increase year-over-year.

Thornburg Investment Management Inc. cut its holdings in Globant S.A. (NYSE:GLOB - Free Report) by 20.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,033 shares of the information technology services provider's stock after selling 28,984 shares during the period. Thornburg Investment Management Inc. owned about 0.26% of Globant worth $13,306,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in shares of Globant by 6.2% during the first quarter. Victory Capital Management Inc. now owns 1,704,973 shares of the information technology services provider's stock worth $200,709,000 after purchasing an additional 98,863 shares in the last quarter. Capital International Investors increased its position in shares of Globant by 13.1% during the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider's stock worth $364,723,000 after purchasing an additional 197,064 shares in the last quarter. Manning & Napier Advisors LLC increased its position in shares of Globant by 86.3% during the first quarter. Manning & Napier Advisors LLC now owns 907,659 shares of the information technology services provider's stock worth $106,850,000 after purchasing an additional 420,382 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Globant by 5.1% during the fourth quarter. Ameriprise Financial Inc. now owns 560,747 shares of the information technology services provider's stock worth $120,235,000 after purchasing an additional 27,140 shares in the last quarter. Finally, FMR LLC increased its position in shares of Globant by 17.4% during the fourth quarter. FMR LLC now owns 554,086 shares of the information technology services provider's stock worth $118,807,000 after purchasing an additional 82,309 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Canaccord Genuity Group reiterated a "hold" rating and set a $97.00 target price (down previously from $165.00) on shares of Globant in a research report on Thursday, June 26th. Piper Sandler cut Globant from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $154.00 to $116.00 in a research report on Friday, May 16th. Guggenheim restated a "buy" rating and issued a $125.00 price target on shares of Globant in a research report on Tuesday, June 10th. Wall Street Zen raised Globant from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Finally, Needham & Company LLC lowered their price objective on Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, May 16th. 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 company presently has a consensus rating of "Moderate Buy" and an average target price of $165.69.

Globant Trading Down 5.3%

Shares of GLOB stock traded down $4.48 on Friday, reaching $79.78. 2,192,702 shares of the stock were exchanged, compared to its average volume of 1,054,147. The stock has a market cap of $3.51 billion, a P/E ratio of 23.60, a price-to-earnings-growth ratio of 3.16 and a beta of 1.20. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $92.41 and a two-hundred day moving average of $130.11. Globant S.A. has a 1-year low of $79.48 and a 1-year high of $238.32.

Globant (NYSE:GLOB - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (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 company had revenue of $611.09 million during the quarter, compared to analyst estimates of $622.18 million. During the same quarter in the prior year, the company posted $1.53 earnings per share. The firm's revenue for the quarter was up 7.0% on a year-over-year basis. On average, research analysts anticipate that Globant S.A. will post 5.73 EPS for the current year.

Globant 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.