Townsquare Capital LLC Purchases 3,417 Shares of Globant S.A. (NYSE:GLOB)

Key Points

• Townsquare Capital LLC increased its holdings in Globant S.A. by 43.3% during the 1st quarter, now owning a total of 11,301 shares valued at approximately $1.33 million.
• Several large institutional investors, including Vanguard Group and Invesco Ltd., also boosted their stakes in Globant, highlighting strong interest in the company among large firms.
• Analysts have a mixed outlook on Globant, with a consensus rating of "Moderate Buy" and price targets ranging from $87.00 to $165.69.

Townsquare Capital LLC grew its position in shares of Globant S.A. (NYSE:GLOB - Free Report) by 43.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,301 shares of the information technology services provider's stock after buying an additional 3,417 shares during the period. Townsquare Capital LLC's holdings in Globant were worth $1,330,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in GLOB. Vanguard Group Inc. increased its position in shares of Globant by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 115,147 shares of the information technology services provider's stock worth $24,690,000 after purchasing an additional 2,744 shares during the period. Invesco Ltd. increased its position in shares of Globant by 90.5% in the fourth quarter. Invesco Ltd. now owns 109,356 shares of the information technology services provider's stock worth $23,448,000 after purchasing an additional 51,945 shares during the period. Raymond James Financial Inc. bought a new position in shares of Globant in the fourth quarter worth $16,737,000. Treasurer of the State of North Carolina increased its position in shares of Globant by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 18,490 shares of the information technology services provider's stock worth $3,965,000 after purchasing an additional 110 shares during the period. Finally, Synovus Financial Corp bought a new position in shares of Globant in the fourth quarter worth $909,000. Institutional investors own 91.60% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on GLOB. Wall Street Zen upgraded Globant from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. The Goldman Sachs Group cut Globant from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $225.00 to $120.00 in a research report on Friday, May 16th. Scotiabank raised Globant from a "sector perform" rating to a "sector outperform" rating and set a $115.00 price objective on the stock in a research note on Monday, July 21st. Deutsche Bank Aktiengesellschaft began coverage on Globant in a research note on Thursday, July 17th. They issued a "hold" rating and a $87.00 price objective on the stock. Finally, Needham & Company LLC reduced their price objective on Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $165.69.

Globant Stock Performance

Shares of GLOB stock opened at $79.45 on Thursday. The business's 50-day moving average price is $88.70 and its 200-day moving average price is $121.88. Globant S.A. has a 12 month low of $73.98 and a 12 month high of $238.32. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 23.51, a PEG ratio of 3.12 and a beta of 1.16. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.13.

Globant (NYSE:GLOB - Get Free Report) last announced its quarterly 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). Globant had a net margin of 6.16% and a return on equity of 11.08%. The firm had revenue of $611.09 million for the quarter, compared to analyst estimates of $622.18 million. During the same period in the previous year, the business posted $1.53 earnings per share. The business's revenue for the quarter was up 7.0% compared to the same quarter last year. Equities research analysts forecast that Globant S.A. will post 5.73 EPS for the current year.

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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