Price T Rowe Associates Inc. MD Has $752.32 Million Position in Globant S.A. (NYSE:GLOB)

Price T Rowe Associates Inc. MD cut its holdings in shares of Globant S.A. (NYSE:GLOB) by 5.7% during the first quarter, Holdings Channel reports. The fund owned 3,726,183 shares of the information technology services provider’s stock after selling 225,558 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.09% of Globant worth $752,318,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. CWM LLC increased its holdings in shares of Globant by 13.5% during the 4th quarter. CWM LLC now owns 572 shares of the information technology services provider’s stock worth $136,000 after acquiring an additional 68 shares during the last quarter. Janney Capital Management LLC grew its holdings in Globant by 3.1% in the 4th quarter. Janney Capital Management LLC now owns 2,538 shares of the information technology services provider’s stock valued at $604,000 after buying an additional 76 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in Globant by 3.9% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 2,140 shares of the information technology services provider’s stock valued at $432,000 after buying an additional 81 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Globant by 1.0% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 9,205 shares of the information technology services provider’s stock valued at $2,191,000 after buying an additional 89 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in Globant by 1.3% in the 4th quarter. Handelsbanken Fonder AB now owns 8,000 shares of the information technology services provider’s stock valued at $1,904,000 after buying an additional 100 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. HSBC decreased their price objective on Globant from $275.00 to $270.00 and set a “buy” rating on the stock in a report on Wednesday, April 3rd. The Goldman Sachs Group assumed coverage on Globant in a report on Monday, June 24th. They issued a “buy” rating and a $200.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective on Globant from $273.00 to $257.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Globant in a report on Thursday, June 13th. Finally, Canaccord Genuity Group cut their target price on Globant from $230.00 to $175.00 and set a “hold” rating for the company in a research report on Friday, May 17th. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $216.72.

Globant Price Performance

Shares of GLOB stock traded down $4.47 on Friday, hitting $192.60. 625,085 shares of the company’s stock were exchanged, compared to its average volume of 513,173. The stock has a market cap of $8.30 billion, a P/E ratio of 50.55, a price-to-earnings-growth ratio of 1.99 and a beta of 1.41. The company has a 50 day moving average of $173.56 and a 200 day moving average of $197.14. Globant S.A. has a 12 month low of $151.68 and a 12 month high of $251.50.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, May 16th. The information technology services provider reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.01. Globant had a return on equity of 11.60% and a net margin of 7.62%. The company had revenue of $571.08 million during the quarter, compared to analysts’ expectations of $570.72 million. Sell-side analysts predict that Globant S.A. will post 5 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.