Goldman Sachs Group Inc. boosted its stake in Globant S.A. (NYSE:GLOB) by 154.2% during the first quarter, Holdings Channel reports. The institutional investor owned 52,013 shares of the information technology services provider’s stock after buying an additional 31,551 shares during the period. Goldman Sachs Group Inc.’s holdings in Globant were worth $1,894,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GLOB. JPMorgan Chase & Co. increased its position in Globant by 1.9% in the first quarter. JPMorgan Chase & Co. now owns 2,282,616 shares of the information technology services provider’s stock worth $83,088,000 after buying an additional 41,721 shares during the period. Morgan Stanley increased its position in Globant by 21.5% in the first quarter. Morgan Stanley now owns 2,242,442 shares of the information technology services provider’s stock worth $81,625,000 after buying an additional 396,660 shares during the period. Wellington Management Group LLP increased its position in Globant by 89.7% in the first quarter. Wellington Management Group LLP now owns 528,374 shares of the information technology services provider’s stock worth $19,233,000 after buying an additional 249,838 shares during the period. Grandeur Peak Global Advisors LLC increased its position in Globant by 88.2% in the first quarter. Grandeur Peak Global Advisors LLC now owns 517,050 shares of the information technology services provider’s stock worth $18,821,000 after buying an additional 242,275 shares during the period. Finally, State Street Corp increased its position in Globant by 2.8% in the first quarter. State Street Corp now owns 431,064 shares of the information technology services provider’s stock worth $15,688,000 after buying an additional 11,560 shares during the period. 74.02% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Globant S.A. (GLOB) traded up 0.60% during mid-day trading on Friday, reaching $43.73. The company had a trading volume of 115,131 shares. The stock has a 50 day moving average of $43.40 and a 200-day moving average of $38.15. Globant S.A. has a one year low of $30.90 and a one year high of $47.51. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 42.46 and a beta of 0.85.

Globant (NYSE:GLOB) last released its earnings results on Thursday, May 18th. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.25. The business had revenue of $88.74 million for the quarter, compared to analyst estimates of $87.63 million. Globant had a net margin of 11.13% and a return on equity of 18.60%. Globant’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 earnings per share. Equities analysts predict that Globant S.A. will post $1.27 EPS for the current year.

ILLEGAL ACTIVITY NOTICE: This story was first posted by Daily Political and is owned by of Daily Political. If you are accessing this story on another domain, it was copied illegally and reposted in violation of US and international copyright and trademark laws. The correct version of this story can be accessed at https://www.dailypolitical.com/2017/08/05/goldman-sachs-group-inc-raises-stake-in-globant-s-a-glob.html.

A number of research analysts have recently weighed in on GLOB shares. Cantor Fitzgerald reissued a “hold” rating and issued a $36.00 price target on shares of Globant in a research note on Friday, May 19th. BidaskClub downgraded Globant from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Citigroup Inc. increased their price target on Globant from $42.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, July 19th. Finally, SunTrust Banks, Inc. downgraded Globant from a “buy” rating to a “hold” rating and increased their price target for the company from $43.00 to $48.00 in a research note on Thursday, July 27th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $44.00.

Globant Company Profile

Globant SA is a digitally native technology services company. The Company’s principal operating subsidiary is based in Buenos Aires, Argentina. During the year ended December 31, 2015, 83.7% of its revenues were generated by clients in North America, 11.0% in Latin America and Asia, and 5.3% in Europe.

Want to see what other hedge funds are holding GLOB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Globant S.A. (NYSE:GLOB).

Institutional Ownership by Quarter for Globant (NYSE:GLOB)

Receive News & Ratings for Globant S.A. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globant S.A. and related companies with MarketBeat.com's FREE daily email newsletter.