Ramirez Asset Management Inc. Decreases Stock Position in Globant S.A. (NYSE:GLOB)

Ramirez Asset Management Inc. trimmed its stake in Globant S.A. (NYSE:GLOB) by 1.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,070 shares of the information technology services provider’s stock after selling 132 shares during the quarter. Ramirez Asset Management Inc.’s holdings in Globant were worth $1,516,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Centricity Wealth Management LLC purchased a new position in Globant during the fourth quarter worth about $38,000. Kestra Investment Management LLC purchased a new position in Globant during the fourth quarter worth approximately $38,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Globant in the 3rd quarter valued at $40,000. Van Berkom & Associates Inc. purchased a new stake in shares of Globant during the 4th quarter valued at $45,000. Finally, Promus Capital LLC purchased a new position in shares of Globant in the 4th quarter worth $64,000. Institutional investors and hedge funds own 91.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Jefferies Financial Group lifted their price objective on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Susquehanna started coverage on shares of Globant in a report on Tuesday, December 17th. They set a “positive” rating and a $255.00 target price for the company. Scotiabank decreased their price objective on Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a research report on Monday, February 24th. Piper Sandler cut their price objective on shares of Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $220.00 price objective on shares of Globant in a research report on Wednesday, March 12th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $219.71.

Globant Stock Performance

Shares of GLOB stock opened at $126.49 on Friday. The business’s 50 day moving average price is $176.51 and its 200-day moving average price is $200.93. The firm has a market cap of $5.57 billion, a P/E ratio of 34.00, a P/E/G ratio of 2.38 and a beta of 1.47. Globant S.A. has a fifty-two week low of $124.53 and a fifty-two week high of $238.32.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). The company had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. As a group, equities analysts predict that Globant S.A. will post 5.73 EPS for the current year.

About Globant

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.