Covestor Ltd Decreases Holdings in Globant S.A. (NYSE:GLOB)

Covestor Ltd reduced its position in Globant S.A. (NYSE:GLOB) by 11.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 410 shares of the information technology services provider’s stock after selling 54 shares during the quarter. Covestor Ltd’s holdings in Globant were worth $81,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in GLOB. Manning & Napier Advisors LLC purchased a new position in Globant during the 2nd quarter worth $99,396,000. Sei Investments Co. grew its stake in shares of Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after acquiring an additional 155,112 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Globant by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after acquiring an additional 161,512 shares in the last quarter. Clearbridge Investments LLC raised its position in shares of Globant by 28.4% in the 2nd quarter. Clearbridge Investments LLC now owns 339,790 shares of the information technology services provider’s stock valued at $60,571,000 after purchasing an additional 75,192 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Globant by 89.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock worth $47,450,000 after purchasing an additional 126,030 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Globant Stock Up 0.7 %

NYSE:GLOB opened at $236.80 on Thursday. Globant S.A. has a 52 week low of $151.68 and a 52 week high of $251.50. The stock’s 50-day moving average price is $207.49 and its 200-day moving average price is $190.28. The stock has a market capitalization of $10.20 billion, a PE ratio of 61.83, a price-to-earnings-growth ratio of 2.89 and a beta of 1.39.

Globant (NYSE:GLOB) last issued 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 company had revenue of $587.46 million for the quarter, compared to analyst estimates of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. Globant’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period last year, the company earned $1.04 earnings per share. Sell-side analysts expect that Globant S.A. will post 5.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Scotiabank upped their price target on shares of Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 21st. Canaccord Genuity Group raised their target price on Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. UBS Group reiterated 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. JPMorgan Chase & Co. raised their price objective on Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Citigroup upped their target price on Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $227.00.

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.