California Public Employees Retirement System Lowers Stock Position in Globant S.A. (NYSE:GLOB)

California Public Employees Retirement System reduced its position in shares of Globant S.A. (NYSE:GLOB) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,085 shares of the information technology services provider’s stock after selling 382 shares during the period. California Public Employees Retirement System owned 0.12% of Globant worth $11,382,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. M&T Bank Corp lifted its position in shares of Globant by 3.8% during the 3rd quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock worth $326,000 after buying an additional 60 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Globant by 0.6% during the third quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock worth $2,704,000 after acquiring an additional 71 shares during the period. Congress Wealth Management LLC DE boosted its position in Globant by 2.9% in the fourth quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider’s stock worth $575,000 after purchasing an additional 76 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Globant by 2.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,813 shares of the information technology services provider’s stock worth $1,032,000 after purchasing an additional 118 shares during the last quarter. Finally, National Bank of Canada FI grew its stake in Globant by 3.3% in the 3rd quarter. National Bank of Canada FI now owns 3,816 shares of the information technology services provider’s stock valued at $756,000 after purchasing an additional 122 shares during the period. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Scotiabank cut their price target on shares of Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a report on Monday, February 24th. Jefferies Financial Group boosted their target price 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. StockNews.com upgraded shares of Globant from a “sell” rating to a “hold” rating in a research note on Sunday. Susquehanna assumed coverage on Globant in a research note on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price objective on the stock. Finally, Piper Sandler decreased their target price on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $216.56.

Globant Stock Performance

Globant stock opened at $100.14 on Friday. The stock has a market cap of $4.41 billion, a P/E ratio of 26.92, a PEG ratio of 2.38 and a beta of 1.47. Globant S.A. has a fifty-two week low of $96.93 and a fifty-two week high of $238.32. The firm’s fifty day moving average price is $164.90 and its 200-day moving average price is $197.40.

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

Globant Company 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.