Sara Bay Financial Sells 949 Shares of Globant S.A. (NYSE:GLOB)

Sara Bay Financial lessened its stake in shares of Globant S.A. (NYSE:GLOB) by 2.2% during the third quarter, Holdings Channel reports. The fund owned 42,636 shares of the information technology services provider’s stock after selling 949 shares during the quarter. Globant comprises 3.5% of Sara Bay Financial’s investment portfolio, making the stock its 8th largest position. Sara Bay Financial’s holdings in Globant were worth $8,448,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Manning & Napier Advisors LLC bought a new stake in Globant during the 2nd quarter valued at $99,396,000. Wasatch Advisors LP increased its stake in Globant by 6.8% during the 1st quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock valued at $673,693,000 after purchasing an additional 213,049 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Globant by 57.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after purchasing an additional 161,512 shares in the last quarter. Sei Investments Co. increased its stake in Globant by 43.4% during the 2nd quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock valued at $91,432,000 after purchasing an additional 155,112 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Globant by 89.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock valued at $47,450,000 after purchasing an additional 126,030 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on GLOB. UBS Group restated a “neutral” rating and set a $235.00 price target (up previously from $225.00) on shares of Globant in a research note on Tuesday, August 20th. Citigroup upped their target price on shares of Globant from $215.00 to $220.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Globant in a research note on Thursday, August 22nd. They issued a “hold” rating and a $210.00 target price for the company. Jefferies Financial Group upped their target price on shares of Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Finally, The Goldman Sachs Group started coverage on shares of Globant in a research note on Monday, June 24th. They issued a “buy” rating and a $200.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given 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 price target of $222.90.

Globant Stock Performance

NYSE GLOB traded up $0.41 during trading on Monday, hitting $193.86. 546,033 shares of the company’s stock traded hands, compared to its average volume of 482,810. The stock has a market capitalization of $8.35 billion, a price-to-earnings ratio of 50.88, a PEG ratio of 2.38 and a beta of 1.39. Globant S.A. has a 12-month low of $151.68 and a 12-month high of $251.50. The business has a 50 day moving average of $195.57 and a 200-day moving average of $185.65.

Globant (NYSE:GLOB) last released its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.50 by $0.01. The business had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. The company’s revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. On average, analysts expect that Globant S.A. will post 5.02 EPS for the current 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.