Millennium Management LLC Lowers Stock Position in Globant S.A. (NYSE:GLOB)

Millennium Management LLC decreased its position in Globant S.A. (NYSE:GLOB - Free Report) by 41.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 334,186 shares of the information technology services provider's stock after selling 231,915 shares during the period. Millennium Management LLC owned 0.78% of Globant worth $71,656,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in Globant in the fourth quarter worth approximately $16,737,000. Cullen Frost Bankers Inc. boosted its position in shares of Globant by 5.0% during the fourth quarter. Cullen Frost Bankers Inc. now owns 52,934 shares of the information technology services provider's stock worth $11,350,000 after buying an additional 2,505 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Globant by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider's stock worth $551,506,000 after buying an additional 203,472 shares during the period. NS Partners Ltd purchased a new stake in shares of Globant in the 4th quarter valued at $18,933,000. Finally, Segall Bryant & Hamill LLC lifted its stake in Globant by 364.7% during the 4th quarter. Segall Bryant & Hamill LLC now owns 118,065 shares of the information technology services provider's stock worth $25,315,000 after acquiring an additional 92,661 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company's stock.

Wall Street Analysts Forecast Growth

GLOB has been the topic of several research reports. Mizuho reduced their price target on shares of Globant from $194.00 to $153.00 and set an "outperform" rating on the stock in a research report on Monday. Piper Sandler cut shares of Globant from an "overweight" rating to a "neutral" rating and decreased their price target for the company from $154.00 to $116.00 in a research report on Friday. Scotiabank cut their price objective on Globant from $170.00 to $140.00 and set a "sector perform" rating on the stock in a research report on Tuesday, April 29th. Canaccord Genuity Group lowered their price objective on Globant from $205.00 to $165.00 and set a "hold" rating for the company in a research report on Monday, February 24th. Finally, Jefferies Financial Group raised their target price on shares of Globant from $240.00 to $255.00 and gave the company a "buy" rating in a report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Globant currently has a consensus rating of "Hold" and an average target price of $179.19.

Globant Trading Up 3.8%

Shares of NYSE GLOB traded up $3.89 during midday trading on Monday, reaching $105.36. 2,876,105 shares of the company were exchanged, compared to its average volume of 675,037. The stock has a market cap of $4.64 billion, a P/E ratio of 28.32, a PEG ratio of 2.38 and a beta of 1.37. Globant S.A. has a 1 year low of $88.03 and a 1 year high of $238.32. The stock has a fifty day simple moving average of $118.69 and a 200 day simple moving average of $176.94.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing analysts' consensus estimates of $1.58 by ($0.08). The company had revenue of $611.09 million for the quarter, compared to analyst estimates of $622.18 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. The firm's revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.53 earnings per share. As a group, analysts forecast that Globant S.A. will post 5.73 earnings per share 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.