First Trust Direct Indexing L.P. Reduces Holdings in Globant S.A. (NYSE:GLOB)

First Trust Direct Indexing L.P. reduced its stake in Globant S.A. (NYSE:GLOB) by 34.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 982 shares of the information technology services provider’s stock after selling 513 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Globant were worth $234,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Trust Point Inc. purchased a new position in shares of Globant in the fourth quarter worth $1,741,000. DekaBank Deutsche Girozentrale grew its stake in Globant by 146.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 45,190 shares of the information technology services provider’s stock valued at $10,734,000 after purchasing an additional 26,850 shares during the last quarter. New York Life Investment Management LLC increased its holdings in shares of Globant by 112.6% in the third quarter. New York Life Investment Management LLC now owns 4,411 shares of the information technology services provider’s stock valued at $873,000 after purchasing an additional 2,336 shares during the period. Deutsche Bank AG raised its stake in shares of Globant by 1.2% in the third quarter. Deutsche Bank AG now owns 138,062 shares of the information technology services provider’s stock worth $27,316,000 after purchasing an additional 1,584 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Globant during the fourth quarter worth about $4,587,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Globant Price Performance

Shares of Globant stock opened at $193.91 on Wednesday. The business has a 50 day simple moving average of $198.64 and a two-hundred day simple moving average of $211.93. Globant S.A. has a 12 month low of $135.40 and a 12 month high of $251.50. The stock has a market capitalization of $8.36 billion, a P/E ratio of 53.42, a PEG ratio of 1.40 and a beta of 1.35.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, February 15th. The information technology services provider reported $1.26 EPS for the quarter, missing the consensus estimate of $1.34 by ($0.08). The company had revenue of $580.71 million during the quarter, compared to analyst estimates of $579.70 million. Globant had a net margin of 7.56% and a return on equity of 11.38%. As a group, research analysts anticipate that Globant S.A. will post 5.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on GLOB. JPMorgan Chase & Co. decreased their price objective on shares of Globant from $273.00 to $257.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. HSBC reduced their price objective on Globant from $275.00 to $270.00 and set a “buy” rating for the company in a research note on Wednesday, April 3rd. Wedbush reaffirmed an “outperform” rating and set a $250.00 target price on shares of Globant in a report on Friday, February 16th. Canaccord Genuity Group reissued a “hold” rating and issued a $230.00 price target on shares of Globant in a report on Tuesday, February 20th. Finally, KeyCorp raised their price objective on shares of Globant from $266.00 to $272.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $244.35.

Globant Company Profile

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.