Legacy Wealth Asset Management LLC Buys New Position in Globant S.A. $GLOB

Legacy Wealth Asset Management LLC purchased a new position in shares of Globant S.A. (NYSE:GLOB) during the second quarter, Holdings Channel reports. The firm purchased 16,972 shares of the information technology services provider’s stock, valued at approximately $491,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Pzena Investment Management LLC purchased a new stake in Globant in the first quarter valued at approximately $136,893,000. Alliancebernstein L.P. grew 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 acquiring an additional 915,924 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Globant by 601.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 783,930 shares of the information technology services provider’s stock valued at $44,982,000 after acquiring an additional 672,175 shares during the period. Principal Financial Group Inc. raised its position in Globant by 340.3% in the 4th 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. Finally, Two Sigma Investments LP raised its position in Globant by 493.8% in the 3rd quarter. Two Sigma Investments LP now owns 660,296 shares of the information technology services provider’s stock valued at $37,888,000 after purchasing an additional 549,089 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Stock Up 3.2%

GLOB opened at $38.58 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82. Globant S.A. has a 12 month low of $27.56 and a 12 month high of $79.67. The stock has a market capitalization of $1.69 billion, a P/E ratio of 15.68, a P/E/G ratio of 1.41 and a beta of 1.02. The business has a 50 day simple moving average of $33.86 and a 200-day simple moving average of $42.98.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.50. The firm had revenue of $607.09 million for the quarter, compared to analyst estimates of $601.65 million. Globant had a return on equity of 9.87% and a net margin of 4.46%.Globant’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.50 earnings per share. On average, equities analysts anticipate that Globant S.A. will post 4.89 earnings per share for the current fiscal year.

Globant announced that its Board of Directors has approved a stock buyback plan on Monday, May 18th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 2.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have issued reports on GLOB shares. William Blair downgraded shares of Globant from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Truist Financial reduced their target price on shares of Globant from $54.00 to $44.00 and set a “hold” rating for the company in a report on Friday, May 15th. Canaccord Genuity Group decreased their target price on shares of Globant from $50.00 to $40.00 and set a “hold” rating for the company in a research note on Friday, May 15th. TD Cowen lowered their price target on Globant from $59.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Itau BBA Securities cut Globant from an “outperform” rating to a “market perform” rating and set a $39.00 price target on the stock. in a research report on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $52.75.

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.