Envestnet Asset Management Inc. Sells 59,890 Shares of Globant S.A. $GLOB

Envestnet Asset Management Inc. trimmed its stake in shares of Globant S.A. (NYSE:GLOB) by 29.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 142,898 shares of the information technology services provider’s stock after selling 59,890 shares during the quarter. Envestnet Asset Management Inc. owned about 0.32% of Globant worth $8,199,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Van Berkom & Associates Inc. lifted its stake in shares of Globant by 4.3% during the 3rd quarter. Van Berkom & Associates Inc. now owns 13,009 shares of the information technology services provider’s stock worth $746,000 after buying an additional 535 shares during the last quarter. State of Wyoming lifted its position in Globant by 38.9% during the third quarter. State of Wyoming now owns 1,225 shares of the information technology services provider’s stock worth $70,000 after acquiring an additional 343 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Globant by 6,467.8% during the third quarter. Jones Financial Companies Lllp now owns 5,714 shares of the information technology services provider’s stock worth $331,000 after acquiring an additional 5,627 shares during the period. Principal Financial Group Inc. grew its position in shares of Globant by 27.6% in the third quarter. Principal Financial Group Inc. now owns 185,263 shares of the information technology services provider’s stock valued at $10,630,000 after purchasing an additional 40,024 shares during the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of Globant by 546.2% in the third quarter. New York State Common Retirement Fund now owns 138,134 shares of the information technology services provider’s stock valued at $7,926,000 after purchasing an additional 116,758 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price target on Globant from $75.00 to $68.00 and set a “neutral” rating for the company in a report on Wednesday. Weiss Ratings reissued a “sell (d+)” rating on shares of Globant in a report on Monday, December 29th. Canaccord Genuity Group reduced their target price on shares of Globant from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Friday, November 14th. Truist Financial began coverage on shares of Globant in a research note on Tuesday, January 6th. They issued a “hold” rating and a $72.00 price target on the stock. Finally, UBS Group reiterated a “neutral” rating and issued a $75.00 price objective on shares of Globant in a research note on Monday, January 19th. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Globant currently has a consensus rating of “Hold” and a consensus target price of $97.31.

Globant Stock Down 7.6%

Shares of NYSE GLOB opened at $45.71 on Friday. Globant S.A. has a 52 week low of $44.51 and a 52 week high of $218.15. The stock’s fifty day moving average is $64.01 and its 200 day moving average is $63.59. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.93 and a current ratio of 1.93. The stock has a market capitalization of $2.01 billion, a P/E ratio of 20.68, a PEG ratio of 5.42 and a beta of 1.19.

Globant Profile

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.