Polen Capital Management LLC Lowers Stock Holdings in Globant S.A. $GLOB

Polen Capital Management LLC lowered its stake in shares of Globant S.A. (NYSE:GLOB) by 33.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 90,462 shares of the information technology services provider’s stock after selling 44,646 shares during the period. Polen Capital Management LLC’s holdings in Globant were worth $5,913,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in GLOB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Globant during the first quarter worth about $447,000. Goldman Sachs Group Inc. grew its holdings in shares of Globant by 69.3% during the first quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock worth $8,739,000 after buying an additional 30,386 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Globant by 61.9% during the second quarter. First Trust Advisors LP now owns 102,280 shares of the information technology services provider’s stock worth $9,291,000 after buying an additional 39,122 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Globant by 823.2% during the second quarter. Marshall Wace LLP now owns 105,894 shares of the information technology services provider’s stock worth $9,619,000 after buying an additional 94,424 shares during the last quarter. Finally, Amundi grew its holdings in shares of Globant by 192.7% during the second quarter. Amundi now owns 7,970 shares of the information technology services provider’s stock worth $727,000 after buying an additional 5,247 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Globant News Summary

Here are the key news stories impacting Globant this week:

• Negative Sentiment: Fresh reminders about the pending securities fraud class action and June 23 deadline may increase perceived legal and financial risk for Globant (GLOB), adding pressure on the stock. Article Title
• Negative Sentiment: Additional law-firm alerts keep the lawsuit in focus and may encourage more investor participation, which can further weigh on sentiment for Globant (GLOB). Article Title
• Negative Sentiment: Glancy Prongay Wolke & Rotter’s deadline alert and similar notices suggest the litigation is still active and unresolved, which is a negative overhang for Globant (GLOB). Article Title
• Negative Sentiment: Levi & Korsinsky said alleged “corrective disclosures” erased substantial value, reinforcing the bear case and likely adding to pressure on Globant (GLOB). Article Title
• Neutral Sentiment: Separately, Globant-related coverage on FIFA/world cup technology and coaching platform adoption highlights ongoing business activity, but it is less likely to move the stock today than the lawsuit headlines. Article Title

Globant Price Performance

Shares of NYSE:GLOB opened at $36.36 on Friday. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.59 billion, a P/E ratio of 14.78, a PEG ratio of 1.35 and a beta of 1.02. Globant S.A. has a 52 week low of $32.50 and a 52 week high of $100.19. The company has a 50-day moving average price of $42.07 and a 200 day moving average price of $53.04.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, meeting analysts’ consensus estimates of $1.50. The firm had revenue of $607.09 million during the quarter, compared to the consensus estimate of $601.66 million. Globant had a net margin of 4.46% and a return on equity of 9.87%. The firm’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.50 earnings per share. Research analysts predict that Globant S.A. will post 4.93 earnings per share for the current year.

Globant announced that its board has initiated a share buyback plan on Monday, May 18th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 2.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wells Fargo & Company lowered their price target on Globant from $57.00 to $50.00 and set an “equal weight” rating on the stock in a report on Friday, March 27th. Guggenheim lowered their price target on Globant from $80.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Needham & Company LLC lowered their price target on Globant from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, May 15th. JPMorgan Chase & Co. lowered their price target on Globant from $75.00 to $68.00 and set a “neutral” rating on the stock in a report on Wednesday, February 18th. Finally, Mizuho reduced their price objective on shares of Globant from $91.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Globant currently has an average rating of “Hold” and a consensus target price of $64.81.

About Globant

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.