Principal Financial Group Inc. Sells 68,218 Shares of Globant S.A. (NYSE:GLOB)

Principal Financial Group Inc. lessened its stake in shares of Globant S.A. (NYSE:GLOB) by 83.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,938 shares of the information technology services provider’s stock after selling 68,218 shares during the period. Principal Financial Group Inc.’s holdings in Globant were worth $2,814,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GLOB. Wasatch Advisors LP increased its position in shares of Globant by 6.8% during the 1st quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock valued at $673,693,000 after purchasing an additional 213,049 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Globant by 3.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,614,782 shares of the information technology services provider’s stock valued at $319,485,000 after acquiring an additional 49,812 shares during the period. Capital International Investors increased its stake in shares of Globant by 0.5% in the 4th quarter. Capital International Investors now owns 1,323,859 shares of the information technology services provider’s stock worth $315,052,000 after purchasing an additional 6,707 shares in the last quarter. Jennison Associates LLC raised its holdings in Globant by 289.5% in the 4th quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock worth $228,659,000 after purchasing an additional 714,162 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in Globant by 36.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 705,090 shares of the information technology services provider’s stock valued at $167,797,000 after purchasing an additional 189,204 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Globant Trading Up 0.5 %

Globant stock traded up $0.85 during midday trading on Friday, hitting $177.25. 63,944 shares of the stock were exchanged, compared to its average volume of 506,431. The stock’s 50-day simple moving average is $170.21 and its 200 day simple moving average is $202.14. The stock has a market capitalization of $7.64 billion, a price-to-earnings ratio of 46.30, a PEG ratio of 1.82 and a beta of 1.41. Globant S.A. has a fifty-two week low of $151.68 and a fifty-two week high of $251.50.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, May 16th. The information technology services provider reported $1.19 EPS for the quarter, beating the consensus estimate of $1.18 by $0.01. Globant had a net margin of 7.62% and a return on equity of 11.60%. The business had revenue of $571.08 million during the quarter, compared to analyst estimates of $570.72 million. Equities analysts anticipate that Globant S.A. will post 5 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Guggenheim initiated coverage on Globant in a report on Tuesday, March 19th. They set a “buy” rating and a $250.00 price objective on the stock. JPMorgan Chase & Co. lowered their target price on shares of Globant from $273.00 to $257.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. HSBC lowered their price target on Globant from $275.00 to $270.00 and set a “buy” rating for the company in a report on Wednesday, April 3rd. Wedbush dropped their price objective on shares of Globant from $250.00 to $200.00 and set an “outperform” rating on the stock in a research note on Friday, May 17th. Finally, StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a report on Tuesday, May 21st. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and an average price target of $216.44.

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.