Fred Alger Management LLC Has $6.56 Million Stock Position in Globant S.A. (NYSE:GLOB)

Fred Alger Management LLC cut its position in Globant S.A. (NYSE:GLOB) by 16.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 33,129 shares of the information technology services provider’s stock after selling 6,654 shares during the quarter. Fred Alger Management LLC’s holdings in Globant were worth $6,564,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Creative Planning boosted its holdings in shares of Globant by 20.5% in the 3rd quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock worth $409,000 after acquiring an additional 351 shares in the last quarter. Vanguard Group Inc. boosted its stake in Globant by 7.9% in the first quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock worth $22,681,000 after purchasing an additional 8,267 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Globant by 1,079.8% during the first quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock worth $4,066,000 after purchasing an additional 18,433 shares during the last quarter. Brown Brothers Harriman & Co. increased its stake in shares of Globant by 97.4% in the second quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock valued at $27,548,000 after buying an additional 76,256 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Globant in the second quarter valued at about $1,319,000. 91.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Citigroup raised their price objective on shares of Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday, October 28th. UBS Group reissued a “neutral” rating and issued a $235.00 price target (up previously from $225.00) on shares of Globant in a report on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft began coverage on Globant in a report on Thursday, August 22nd. They set a “hold” rating and a $210.00 price objective on the stock. KeyCorp lifted their target price on Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, August 16th. Finally, Needham & Company LLC upped their price target on Globant from $245.00 to $265.00 and gave the company a “buy” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Globant presently has an average rating of “Moderate Buy” and a consensus price target of $229.06.

Globant Stock Performance

Shares of NYSE GLOB opened at $227.76 on Friday. Globant S.A. has a 52-week low of $151.68 and a 52-week high of $251.50. The stock has a market cap of $9.81 billion, a P/E ratio of 59.47, a P/E/G ratio of 2.83 and a beta of 1.39. The firm has a 50 day moving average price of $214.47 and a 200 day moving average price of $193.99.

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.