abrdn plc Sells 100,661 Shares of Globant S.A. (NYSE:GLOB)

abrdn plc cut its position in Globant S.A. (NYSE:GLOB) by 22.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 343,817 shares of the information technology services provider’s stock after selling 100,661 shares during the quarter. abrdn plc owned about 0.80% of Globant worth $67,593,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GLOB. Seven Eight Capital LP purchased a new stake in Globant in the 1st quarter worth about $2,138,000. Vanguard Group Inc. increased its stake in shares of Globant by 7.9% in the first quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock worth $22,681,000 after purchasing an additional 8,267 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Globant by 1,079.8% in the first quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock worth $4,066,000 after purchasing an additional 18,433 shares in the last quarter. Jupiter Asset Management Ltd. raised its position in shares of Globant by 14.6% in the first quarter. Jupiter Asset Management Ltd. now owns 42,584 shares of the information technology services provider’s stock valued at $8,598,000 after purchasing an additional 5,441 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of Globant by 97.4% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock valued at $27,548,000 after buying an additional 76,256 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Analysts Set New Price Targets

GLOB has been the subject of a number of recent research reports. Piper Sandler reiterated an “overweight” rating and issued a $240.00 price objective (up from $238.00) on shares of Globant in a research note on Friday, August 16th. StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a research report on Wednesday, October 23rd. UBS Group reissued a “neutral” rating and set a $235.00 price objective (up previously from $225.00) on shares of Globant in a report on Tuesday, August 20th. JPMorgan Chase & Co. raised their target price on Globant from $226.00 to $237.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Scotiabank upped their price target on Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $225.63.

Globant Stock Up 0.9 %

Shares of GLOB stock opened at $220.68 on Wednesday. The business has a 50-day moving average price of $203.48 and a two-hundred day moving average price of $187.53. Globant S.A. has a 12-month low of $151.68 and a 12-month high of $251.50. The firm has a market cap of $9.51 billion, a P/E ratio of 57.92, a price-to-earnings-growth ratio of 2.70 and a beta of 1.39.

Globant (NYSE:GLOB) last released its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. Globant had a return on equity of 11.68% and a net margin of 7.39%. The company had revenue of $587.46 million during the quarter, compared to the consensus estimate of $586.72 million. During the same quarter in the previous year, the company posted $1.04 EPS. Globant’s quarterly revenue was up 18.1% compared to the same quarter last year. As a group, research analysts expect that Globant S.A. will post 5.02 EPS for the current fiscal year.

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.