Globant S.A. (NYSE:GLOB) Shares Sold by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC reduced its position in Globant S.A. (NYSE:GLOB) by 19.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,005 shares of the information technology services provider’s stock after selling 969 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Globant were worth $855,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brown Brothers Harriman & Co. boosted its stake in shares of Globant by 42.7% during the fourth quarter. Brown Brothers Harriman & Co. now owns 291,377 shares of the information technology services provider’s stock worth $62,477,000 after buying an additional 87,242 shares during the period. Orion Portfolio Solutions LLC lifted its position in Globant by 17.5% during the 4th quarter. Orion Portfolio Solutions LLC now owns 10,616 shares of the information technology services provider’s stock worth $2,276,000 after acquiring an additional 1,578 shares during the period. Norges Bank acquired a new stake in Globant during the 4th quarter worth approximately $19,444,000. JPMorgan Chase & Co. grew its stake in shares of Globant by 8.6% in the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after purchasing an additional 203,472 shares during the last quarter. Finally, Pier Capital LLC increased its holdings in shares of Globant by 2.4% in the fourth quarter. Pier Capital LLC now owns 46,644 shares of the information technology services provider’s stock valued at $10,001,000 after purchasing an additional 1,094 shares during the period. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Globant Stock Performance

Shares of GLOB opened at $100.14 on Friday. The company’s 50 day simple moving average is $164.90 and its 200 day simple moving average is $197.37. The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 2.38 and a beta of 1.47. Globant S.A. has a 1 year low of $96.93 and a 1 year high of $238.32.

Globant (NYSE:GLOB) last released its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a return on equity of 11.83% and a net margin of 6.86%. The company had revenue of $642.48 million during the quarter, compared to analyst estimates of $644.42 million. Equities analysts expect that Globant S.A. will post 5.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GLOB has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Jefferies Financial Group upped their price objective on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. UBS Group reduced their price target on shares of Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. StockNews.com downgraded Globant from a “hold” rating to a “sell” rating in a research note on Saturday, March 29th. Finally, Susquehanna began coverage on Globant in a research report on Tuesday, December 17th. They set a “positive” rating and a $255.00 target price on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $216.56.

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.