Fred Alger Management LLC Purchases 13,809 Shares of Globant S.A. (NYSE:GLOB)

Fred Alger Management LLC boosted its holdings in Globant S.A. (NYSE:GLOB - Free Report) by 41.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,938 shares of the information technology services provider's stock after acquiring an additional 13,809 shares during the quarter. Fred Alger Management LLC owned 0.11% of Globant worth $10,064,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in GLOB. Barclays PLC increased its stake in Globant by 132.9% in the 3rd quarter. Barclays PLC now owns 22,537 shares of the information technology services provider's stock worth $4,467,000 after acquiring an additional 12,862 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Globant in the 3rd quarter worth about $40,000. Franklin Resources Inc. increased its position in shares of Globant by 0.6% during the 3rd quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider's stock valued at $2,704,000 after purchasing an additional 71 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Globant by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,368,608 shares of the information technology services provider's stock valued at $469,316,000 after purchasing an additional 153,385 shares during the last quarter. Finally, Diversified Trust Co bought a new position in shares of Globant during the 4th quarter valued at about $545,000. 91.60% of the stock is currently owned by institutional investors.

Globant Stock Performance

GLOB stock traded down $1.46 during trading on Friday, hitting $128.83. 717,833 shares of the company traded hands, compared to its average volume of 609,683. Globant S.A. has a 1 year low of $96.23 and a 1 year high of $238.32. The company has a 50-day moving average of $119.65 and a 200-day moving average of $179.98. The firm has a market capitalization of $5.67 billion, a PE ratio of 34.63, a P/E/G ratio of 2.38 and a beta of 1.37.

Globant (NYSE:GLOB - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a return on equity of 11.83% and a net margin of 6.86%. The business had revenue of $642.48 million during the quarter, compared to analysts' expectations of $644.42 million. Sell-side analysts expect that Globant S.A. will post 5.73 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on GLOB shares. Piper Sandler reduced their price objective on Globant from $230.00 to $154.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their price objective on Globant from $248.00 to $242.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Redburn Atlantic upgraded Globant from a "sell" rating to a "neutral" rating and increased their price objective for the company from $140.00 to $150.00 in a research report on Tuesday, February 25th. Susquehanna reduced their price objective on Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a research report on Wednesday, April 23rd. Finally, StockNews.com lowered Globant from a "hold" rating to a "sell" rating in a research report on Sunday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $204.00.

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.