Ramirez Asset Management Inc. Makes New Investment in Globant S.A. $GLOB

Ramirez Asset Management Inc. acquired a new position in shares of Globant S.A. (NYSE:GLOB) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 25,008 shares of the information technology services provider’s stock, valued at approximately $1,635,000. Ramirez Asset Management Inc. owned 0.06% of Globant as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Alliancebernstein L.P. lifted its position in shares of Globant by 6,875.8% during the second quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock worth $84,413,000 after purchasing an additional 915,924 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Globant by 340.3% during the fourth quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock worth $53,323,000 after purchasing an additional 630,440 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Globant by 601.5% during the third quarter. BNP Paribas Financial Markets now owns 783,930 shares of the information technology services provider’s stock worth $44,982,000 after purchasing an additional 672,175 shares during the last quarter. UBS Group AG lifted its position in shares of Globant by 44.1% during the fourth quarter. UBS Group AG now owns 667,755 shares of the information technology services provider’s stock worth $43,651,000 after purchasing an additional 204,443 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Globant by 493.8% during the third quarter. Two Sigma Investments LP now owns 660,296 shares of the information technology services provider’s stock worth $37,888,000 after purchasing an additional 549,089 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. decreased their target price on Globant from $75.00 to $68.00 and set a “neutral” rating for the company in a research report on Wednesday, February 18th. Guggenheim decreased their target price on Globant from $80.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Wedbush reiterated an “outperform” rating on shares of Globant in a research report on Monday, May 18th. Wells Fargo & Company decreased their target price on Globant from $57.00 to $50.00 and set an “equal weight” rating for the company in a research report on Friday, March 27th. Finally, The Goldman Sachs Group decreased their target price on Globant from $68.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, May 15th. Eight analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $64.81.

Globant Stock Performance

GLOB stock opened at $38.35 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82. The business has a 50-day moving average price of $42.73 and a 200 day moving average price of $53.75. The company has a market capitalization of $1.68 billion, a P/E ratio of 15.59, a PEG ratio of 1.40 and a beta of 1.02. Globant S.A. has a 1-year low of $32.50 and a 1-year high of $105.43.

Globant (NYSE:GLOB) last released its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, meeting the consensus estimate 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 return on equity of 9.87% and a net margin of 4.46%.The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $1.50 earnings per share. As a group, equities research analysts forecast that Globant S.A. will post 4.93 EPS for the current fiscal year.

Globant declared that its Board of Directors has approved a share buyback program on Monday, May 18th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the information technology services provider to purchase up to 2.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Globant Company Profile

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.