Globant S.A. (NYSE:GLOB) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in shares of Globant S.A. (NYSE:GLOB) by 6.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 222,894 shares of the information technology services provider’s stock after selling 15,922 shares during the period. Bank of New York Mellon Corp owned approximately 0.51% of Globant worth $26,239,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in GLOB. Physician Wealth Advisors Inc. raised its stake in shares of Globant by 140.9% in the 1st quarter. Physician Wealth Advisors Inc. now owns 265 shares of the information technology services provider’s stock valued at $31,000 after acquiring an additional 155 shares during the period. Bessemer Group Inc. acquired a new position in shares of Globant in the 1st quarter valued at about $39,000. Farther Finance Advisors LLC lifted its position in Globant by 186.7% in the 1st quarter. Farther Finance Advisors LLC now owns 387 shares of the information technology services provider’s stock valued at $45,000 after purchasing an additional 252 shares during the last quarter. Blue Trust Inc. lifted its position in Globant by 23.6% in the 1st quarter. Blue Trust Inc. now owns 607 shares of the information technology services provider’s stock valued at $71,000 after purchasing an additional 116 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Globant during the 4th quarter worth about $81,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GLOB shares. Mizuho set a $153.00 target price on shares of Globant and gave the stock an “outperform” rating in a research report on Monday, May 19th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $97.00 price objective (down from $165.00) on shares of Globant in a report on Thursday, June 26th. Susquehanna cut their target price on shares of Globant from $225.00 to $160.00 and set a “positive” rating for the company in a research note on Wednesday, April 23rd. The Goldman Sachs Group cut shares of Globant from a “buy” rating to a “neutral” rating and cut their target price for the company from $225.00 to $120.00 in a research note on Friday, May 16th. Finally, Wall Street Zen upgraded shares of Globant from a “sell” rating to a “hold” rating in a research note on Monday, May 19th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Globant currently has an average rating of “Moderate Buy” and a consensus target price of $174.94.

Globant Price Performance

Shares of GLOB opened at $84.54 on Thursday. Globant S.A. has a 12-month low of $82.39 and a 12-month high of $238.32. The business’s fifty day moving average is $99.46 and its 200 day moving average is $139.64. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.13. The stock has a market cap of $3.72 billion, a P/E ratio of 25.01, a P/E/G ratio of 2.54 and a beta of 1.20.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). The company had revenue of $611.09 million during the quarter, compared to analysts’ expectations of $622.18 million. Globant had a net margin of 6.16% and a return on equity of 11.08%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.53 earnings per share. Sell-side analysts anticipate that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

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.