Allspring Global Investments Holdings LLC Boosts Stake in Globant S.A. (NYSE:GLOB)

Allspring Global Investments Holdings LLC increased its stake in shares of Globant S.A. (NYSE:GLOB - Free Report) by 36.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 705,090 shares of the information technology services provider's stock after purchasing an additional 189,204 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.66% of Globant worth $167,797,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank purchased a new position in Globant in the 4th quarter valued at approximately $71,313,000. Price T Rowe Associates Inc. MD boosted its position in Globant by 15.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,086,471 shares of the information technology services provider's stock valued at $519,021,000 after buying an additional 416,119 shares during the period. Invesco Ltd. boosted its position in Globant by 155.2% in the 3rd quarter. Invesco Ltd. now owns 611,061 shares of the information technology services provider's stock valued at $120,898,000 after buying an additional 371,628 shares during the period. Wolf Hill Capital Management LP purchased a new position in Globant in the 1st quarter valued at approximately $50,388,000. Finally, Westfield Capital Management Co. LP purchased a new position in Globant in the 1st quarter valued at approximately $43,211,000. Hedge funds and other institutional investors own 91.60% of the company's stock.

Globant Stock Performance

GLOB stock traded down $0.51 during trading on Monday, reaching $196.79. 203,529 shares of the company were exchanged, compared to its average volume of 468,290. The company has a market cap of $8.48 billion, a P/E ratio of 54.24, a PEG ratio of 1.50 and a beta of 1.35. Globant S.A. has a 52-week low of $135.40 and a 52-week high of $251.50. The stock's 50 day moving average price is $219.64 and its 200 day moving average price is $213.31.

Globant (NYSE:GLOB - Get Free Report) last released its quarterly earnings data on Thursday, February 15th. The information technology services provider reported $1.26 EPS for the quarter, missing analysts' consensus estimates of $1.34 by ($0.08). The company had revenue of $580.71 million for the quarter, compared to analysts' expectations of $579.70 million. Globant had a return on equity of 11.38% and a net margin of 7.56%. As a group, equities research analysts forecast that Globant S.A. will post 5.04 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on GLOB shares. JPMorgan Chase & Co. raised their price target on shares of Globant from $266.00 to $275.00 and gave the company an "overweight" rating in a research report on Wednesday, February 14th. KeyCorp raised their price objective on shares of Globant from $266.00 to $272.00 and gave the company an "overweight" rating in a report on Friday, February 16th. TheStreet upgraded shares of Globant from a "c+" rating to a "b-" rating in a report on Wednesday, December 13th. Needham & Company LLC raised their price objective on shares of Globant from $215.00 to $275.00 and gave the company a "buy" rating in a report on Friday, January 26th. Finally, Mizuho restated a "buy" rating and issued a $279.00 price objective (down from $283.00) on shares of Globant in a report on Tuesday, February 20th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $246.59.

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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