Envestnet Asset Management Inc. Lowers Stock Holdings in Globant S.A. (NYSE:GLOB)

Envestnet Asset Management Inc. reduced its stake in Globant S.A. (NYSE:GLOB) by 2.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 193,521 shares of the information technology services provider’s stock after selling 4,278 shares during the quarter. Envestnet Asset Management Inc. owned about 0.46% of Globant worth $31,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Private Advisor Group LLC boosted its stake in Globant by 5.2% in the 1st quarter. Private Advisor Group LLC now owns 1,283 shares of the information technology services provider’s stock worth $336,000 after purchasing an additional 63 shares in the last quarter. Amalgamated Bank lifted its stake in Globant by 0.7% during the 4th quarter. Amalgamated Bank now owns 9,372 shares of the information technology services provider’s stock valued at $1,576,000 after acquiring an additional 68 shares during the period. Orion Portfolio Solutions LLC lifted its stake in Globant by 10.5% during the 1st quarter. Orion Portfolio Solutions LLC now owns 769 shares of the information technology services provider’s stock valued at $202,000 after acquiring an additional 73 shares during the period. CreativeOne Wealth LLC lifted its stake in Globant by 2.8% during the 4th quarter. CreativeOne Wealth LLC now owns 2,786 shares of the information technology services provider’s stock valued at $468,000 after acquiring an additional 77 shares during the period. Finally, Loomis Sayles & Co. L P lifted its stake in Globant by 22.2% during the 1st quarter. Loomis Sayles & Co. L P now owns 468 shares of the information technology services provider’s stock valued at $123,000 after acquiring an additional 85 shares during the period. 91.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on GLOB. HSBC increased their price objective on shares of Globant from $235.00 to $240.00 in a report on Monday, July 17th. JPMorgan Chase & Co. raised their target price on shares of Globant from $194.00 to $236.00 and gave the company an “overweight” rating in a report on Tuesday, August 22nd. Needham & Company LLC restated a “buy” rating and issued a $205.00 price target on shares of Globant in a research report on Friday, August 18th. KeyCorp raised their price target on Globant from $201.00 to $230.00 and gave the stock an “overweight” rating in a research report on Friday, July 21st. Finally, StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $215.85.

Globant Stock Performance

Shares of Globant stock opened at $200.00 on Wednesday. Globant S.A. has a 52 week low of $135.40 and a 52 week high of $232.19. The stock has a market capitalization of $8.45 billion, a price-to-earnings ratio of 58.14 and a beta of 1.36. The firm has a fifty day moving average of $179.82 and a two-hundred day moving average of $168.36.

About Globant

Globant SA operates as a technology services company worldwide. The company offers e-commerce, new distribution capabilities, augmented revenue management, hyper connected operation, and conversational user experience services through reinvention studios; digital lending, commercial effectiveness, finance, sustainability, regulation analytic, transformation and post-merger integration, and payment and open banking services; and game and graphic engineering, UI and UX design, game as a service, DevOps, and online services, as well as high tech tools.