Truist Financial Corp Lowers Position in Globant S.A. $GLOB

Key Points

• Truist Financial Corp reduced its position in Globant S.A. by 21.5% in the second quarter, now holding 17,592 shares valued at approximately $1.6 million.
• Globant's shares recently dropped, with several analysts adjusting price targets; UBS Group lowered its target from $120 to $75, indicating a shift to a "neutral" rating.
• The company announced a $125 million stock repurchase plan, allowing it to buy back up to 5% of its shares, suggesting management views its stock as undervalued.

Truist Financial Corp decreased its position in Globant S.A. (NYSE:GLOB - Free Report) by 21.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,592 shares of the information technology services provider's stock after selling 4,831 shares during the period. Truist Financial Corp's holdings in Globant were worth $1,598,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brooklyn Investment Group boosted its holdings in shares of Globant by 194.4% in the first quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 140 shares in the last quarter. Physician Wealth Advisors Inc. boosted its holdings in Globant by 140.9% during the first quarter. Physician Wealth Advisors Inc. now owns 265 shares of the information technology services provider's stock worth $31,000 after buying an additional 155 shares in the last quarter. Bessemer Group Inc. purchased a new stake in Globant during the first quarter worth about $39,000. Farther Finance Advisors LLC boosted its holdings in Globant by 186.7% during the first quarter. Farther Finance Advisors LLC now owns 387 shares of the information technology services provider's stock worth $45,000 after buying an additional 252 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in Globant by 29.7% during the first quarter. Signaturefd LLC now owns 389 shares of the information technology services provider's stock worth $46,000 after buying an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. UBS Group decreased their price objective on shares of Globant from $120.00 to $75.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globant in a report on Thursday, July 17th. They set a "hold" rating and a $87.00 price objective on the stock. The Goldman Sachs Group decreased their price objective on shares of Globant from $105.00 to $90.00 and set a "neutral" rating on the stock in a report on Thursday. Scotiabank raised shares of Globant from a "sector perform" rating to a "sector outperform" rating and set a $115.00 price objective on the stock in a report on Monday, July 21st. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Globant in a research report on Wednesday. Eight research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $138.47.

Globant Stock Performance

Shares of GLOB opened at $57.52 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.71 and a current ratio of 1.71. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of 23.38, a PEG ratio of 2.52 and a beta of 1.17. The company's 50 day simple moving average is $64.38 and its 200 day simple moving average is $89.07. Globant S.A. has a 1 year low of $54.36 and a 1 year high of $238.32.

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

Globant declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 1st that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the information technology services provider to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

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.

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