Royal Bank of Canada Trims Holdings in Globant S.A. $GLOB

Royal Bank of Canada trimmed its holdings in shares of Globant S.A. (NYSE:GLOB) by 74.4% in the 1st quarter, Holdings Channel reports. The firm owned 454,914 shares of the information technology services provider’s stock after selling 1,322,796 shares during the quarter. Royal Bank of Canada’s holdings in Globant were worth $20,976,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GLOB. Pzena Investment Management LLC bought a new stake in Globant during the 1st quarter valued at about $136,893,000. Alliancebernstein L.P. grew its stake in Globant by 6,875.8% in the 2nd quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock worth $84,413,000 after acquiring an additional 915,924 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Globant by 601.5% during the third quarter. BNP Paribas Financial Markets now owns 783,930 shares of the information technology services provider’s stock worth $44,982,000 after acquiring an additional 672,175 shares during the period. Principal Financial Group Inc. increased its position in shares of Globant by 340.3% during the fourth quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock worth $53,323,000 after acquiring an additional 630,440 shares during the period. Finally, Two Sigma Investments LP raised its stake in shares of Globant by 493.8% during the third quarter. Two Sigma Investments LP now owns 660,296 shares of the information technology services provider’s stock valued at $37,888,000 after acquiring an additional 549,089 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

Globant Stock Up 0.5%

Shares of NYSE GLOB opened at $38.33 on Thursday. Globant S.A. has a 12-month low of $27.56 and a 12-month high of $82.71. The stock’s fifty day simple moving average is $34.09 and its two-hundred day simple moving average is $43.59. The stock has a market capitalization of $1.68 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 1.44 and a beta of 1.02. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.16.

Globant (NYSE:GLOB) last released its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, hitting the consensus estimate of $1.50. Globant had a return on equity of 9.87% and a net margin of 4.46%.The firm had revenue of $607.09 million during the quarter, compared to analyst estimates of $601.65 million. During the same period in the previous year, the company posted $1.50 EPS. The business’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, analysts expect that Globant S.A. will post 4.89 EPS for the current fiscal year.

Globant announced that its board has authorized a share repurchase plan on Monday, May 18th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to purchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

GLOB has been the topic of several research analyst reports. Needham & Company LLC dropped their price objective on Globant from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Canaccord Genuity Group dropped their price target on Globant from $50.00 to $40.00 and set a “hold” rating on the stock in a research report on Friday, May 15th. Deutsche Bank Aktiengesellschaft set a $33.00 price target on Globant in a research note on Friday, July 10th. William Blair lowered shares of Globant from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Finally, UBS Group lowered their price objective on shares of Globant from $75.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $52.75.

Globant Company Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.