Pzena Investment Management LLC Makes New Investment in Globant S.A. $GLOB

Pzena Investment Management LLC bought a new stake in Globant S.A. (NYSE:GLOB) in the first quarter, HoldingsChannel.com reports. The institutional investor bought 2,968,828 shares of the information technology services provider’s stock, valued at approximately $136,893,000. Pzena Investment Management LLC owned approximately 0.07% of Globant at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Maxi Investments CY Ltd purchased a new position in Globant in the 4th quarter valued at approximately $2,255,000. Principal Financial Group Inc. grew its holdings in Globant by 340.3% in the fourth quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock valued at $53,323,000 after purchasing an additional 630,440 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new position in shares of Globant in the fourth quarter valued at $5,095,000. Bank of Nova Scotia raised its stake in shares of Globant by 9,602.6% during the 3rd quarter. Bank of Nova Scotia now owns 378,400 shares of the information technology services provider’s stock worth $21,713,000 after buying an additional 374,500 shares during the last quarter. Finally, Circumference Group LLC acquired a new position in shares of Globant during the 3rd quarter worth $1,607,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Globant Stock Up 8.2%

GLOB opened at $31.31 on Thursday. 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 firm has a market cap of $1.37 billion, a P/E ratio of 12.73, a PEG ratio of 1.06 and a beta of 1.02. Globant S.A. has a 52 week low of $27.56 and a 52 week high of $95.26. The business’s fifty day simple moving average is $37.72 and its 200 day simple moving average is $49.62.

Globant (NYSE:GLOB) last announced its earnings results 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 $601.65 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.50 EPS. As a group, equities research analysts anticipate that Globant S.A. will post 4.94 EPS for the current fiscal year.

Globant declared that its Board of Directors has initiated a stock repurchase plan on Monday, May 18th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on GLOB shares. Truist Financial lowered their price objective on shares of Globant from $54.00 to $44.00 and set a “hold” rating on the stock in a research note on Friday, May 15th. William Blair cut shares of Globant from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Susquehanna reduced their price target on shares of Globant from $90.00 to $78.00 and set a “positive” rating on the stock in a report on Friday, May 15th. UBS Group lowered their price target on shares of Globant from $75.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Finally, The Goldman Sachs Group dropped their price objective on shares of Globant from $68.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, May 15th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock 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.