Banco BTG Pactual S.A. Purchases 71,700 Shares of Globant S.A. $GLOB

Banco BTG Pactual S.A. lifted its position in Globant S.A. (NYSE:GLOB) by 222.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 103,900 shares of the information technology services provider’s stock after acquiring an additional 71,700 shares during the period. Globant comprises about 1.2% of Banco BTG Pactual S.A.’s investment portfolio, making the stock its 22nd biggest holding. Banco BTG Pactual S.A.’s holdings in Globant were worth $6,792,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GLOB. Signaturefd LLC lifted its stake in shares of Globant by 65.1% in the fourth quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock worth $32,000 after buying an additional 190 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Globant by 473.3% in the fourth quarter. Allworth Financial LP now owns 493 shares of the information technology services provider’s stock worth $32,000 after buying an additional 407 shares in the last quarter. Larson Financial Group LLC increased its holdings in Globant by 561.2% in the 4th quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock worth $45,000 after buying an additional 578 shares in the last quarter. GAMMA Investing LLC increased its holdings in Globant by 34.3% in the 4th quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock worth $47,000 after buying an additional 182 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its holdings in Globant by 83.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,125 shares of the information technology services provider’s stock worth $65,000 after buying an additional 511 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

Globant Stock Down 1.3%

Shares of Globant stock opened at $36.36 on Friday. The company has a market cap of $1.59 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 1.35 and a beta of 1.02. The company’s 50 day moving average is $42.07 and its 200 day moving average is $53.04. Globant S.A. has a twelve month low of $32.50 and a twelve month high of $100.19. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.50. The company had revenue of $607.09 million for 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 for the quarter was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.50 earnings per share. Research analysts anticipate that Globant S.A. will post 4.93 EPS for the current year.

Globant declared that its board has authorized a stock buyback program on Monday, May 18th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows 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 management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Canaccord Genuity Group reduced their price objective on Globant from $50.00 to $40.00 and set a “hold” rating for the company in a report on Friday, May 15th. Mizuho lowered their price objective on shares of Globant from $91.00 to $76.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Guggenheim lowered their price objective on shares of Globant from $80.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Wedbush restated an “outperform” rating on shares of Globant in a research report on Monday, May 18th. Finally, Wells Fargo & Company lowered their price objective on shares of Globant from $57.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Friday, March 27th. Eight analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Globant has a consensus rating of “Hold” and an average target price of $64.81.

Globant News Roundup

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

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.