Jennison Associates LLC Purchases 714,162 Shares of Globant S.A. (NYSE:GLOB)

Jennison Associates LLC increased its holdings in Globant S.A. (NYSE:GLOB - Free Report) by 289.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 960,833 shares of the information technology services provider's stock after purchasing an additional 714,162 shares during the quarter. Jennison Associates LLC owned approximately 2.26% of Globant worth $228,659,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. CI Investments Inc. grew its stake in shares of Globant by 122.0% in the third quarter. CI Investments Inc. now owns 131 shares of the information technology services provider's stock worth $26,000 after purchasing an additional 72 shares during the last quarter. CWM LLC boosted its position in Globant by 20.9% during the third quarter. CWM LLC now owns 504 shares of the information technology services provider's stock valued at $100,000 after acquiring an additional 87 shares during the last quarter. Ronald Blue Trust Inc. bought a new stake in Globant during the third quarter valued at $112,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Globant by 68,900.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 690 shares of the information technology services provider's stock valued at $164,000 after acquiring an additional 689 shares during the last quarter. Finally, Beaumont Financial Advisors LLC bought a new stake in Globant during the fourth quarter valued at $201,000. Institutional investors own 91.60% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on GLOB. Wedbush reaffirmed an "outperform" rating and set a $250.00 price target on shares of Globant in a research report on Friday, February 16th. HSBC cut their price target on shares of Globant from $275.00 to $270.00 and set a "buy" rating on the stock in a research report on Wednesday, April 3rd. Needham & Company LLC upped 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. Guggenheim assumed coverage on shares of Globant in a report on Tuesday, March 19th. They set a "buy" rating and a $250.00 price objective on the stock. Finally, KeyCorp upped 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. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $244.24.

Globant Stock Performance

NYSE:GLOB traded up $0.90 on Monday, hitting $180.19. The stock had a trading volume of 305,592 shares, compared to its average volume of 452,552. The stock has a market cap of $7.76 billion, a P/E ratio of 49.64, a price-to-earnings-growth ratio of 1.36 and a beta of 1.35. Globant S.A. has a 1 year low of $135.40 and a 1 year high of $251.50. The firm's fifty day simple moving average is $208.27 and its two-hundred day simple moving average is $212.67.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The information technology services provider reported $1.26 EPS for the quarter, missing the consensus estimate of $1.34 by ($0.08). The firm had revenue of $580.71 million during the quarter, compared to analysts' expectations of $579.70 million. Globant had a net margin of 7.56% and a return on equity of 11.38%. Equities research analysts predict that Globant S.A. will post 5.03 EPS for the current year.

Globant Company 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.