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

Fred Alger Management LLC raised its position in Globant S.A. (NYSE:GLOB - Free Report) by 41.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,938 shares of the information technology services provider's stock after purchasing an additional 13,809 shares during the quarter. Fred Alger Management LLC owned approximately 0.11% of Globant worth $10,064,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of GLOB. Raymond James Financial Inc. bought a new position in shares of Globant during the 4th quarter worth approximately $16,737,000. Cullen Frost Bankers Inc. grew its holdings in shares of Globant by 5.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 52,934 shares of the information technology services provider's stock worth $11,350,000 after purchasing an additional 2,505 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Globant by 8.6% during the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider's stock worth $551,506,000 after purchasing an additional 203,472 shares in the last quarter. NS Partners Ltd bought a new position in Globant during the 4th quarter valued at about $18,933,000. Finally, Segall Bryant & Hamill LLC boosted its position in Globant by 364.7% in the fourth quarter. Segall Bryant & Hamill LLC now owns 118,065 shares of the information technology services provider's stock valued at $25,315,000 after buying an additional 92,661 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Scotiabank lowered their target price on Globant from $170.00 to $140.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 29th. StockNews.com lowered Globant from a "hold" rating to a "sell" rating in a research report on Sunday. UBS Group decreased their price objective on shares of Globant from $217.00 to $190.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Redburn Atlantic raised shares of Globant from a "sell" rating to a "neutral" rating and boosted their price target for the company from $140.00 to $150.00 in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. reduced their target price on Globant from $248.00 to $242.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Globant presently has an average rating of "Moderate Buy" and a consensus target price of $204.00.

Globant Trading Down 6.1%

Globant stock traded down $8.63 during midday trading on Wednesday, reaching $131.73. The company's stock had a trading volume of 1,124,155 shares, compared to its average volume of 852,501. The stock has a market cap of $5.80 billion, a PE ratio of 35.41, a price-to-earnings-growth ratio of 2.38 and a beta of 1.37. Globant S.A. has a 52 week low of $96.23 and a 52 week high of $238.32. The business has a 50-day moving average price of $119.50 and a 200-day moving average price of $179.16.

Globant (NYSE:GLOB - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). The company had revenue of $642.48 million during the quarter, compared to the consensus estimate of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. As a group, research analysts predict that Globant S.A. will post 5.73 EPS for the current fiscal 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.