Riverbridge Partners LLC Lowers Holdings in Globant S.A. $GLOB

Riverbridge Partners LLC lowered its holdings in shares of Globant S.A. (NYSE:GLOB) by 10.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 687,811 shares of the information technology services provider’s stock after selling 80,963 shares during the quarter. Riverbridge Partners LLC owned approximately 1.57% of Globant worth $31,715,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GLOB. Maxi Investments CY Ltd bought a new stake in shares of Globant during the fourth quarter valued at approximately $2,255,000. Principal Financial Group Inc. lifted its stake in Globant by 340.3% in the 4th quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock worth $53,323,000 after purchasing an additional 630,440 shares in the last quarter. Citigroup Inc. grew its position in shares of Globant by 106.7% during the third quarter. Citigroup Inc. now owns 324,199 shares of the information technology services provider’s stock valued at $18,603,000 after purchasing an additional 167,341 shares in the last quarter. Citizens Financial Group Inc. RI bought a new stake in shares of Globant in the fourth quarter worth about $5,095,000. Finally, Counterpoint Mutual Funds LLC increased its holdings in shares of Globant by 1,616.1% in the third quarter. Counterpoint Mutual Funds LLC now owns 51,329 shares of the information technology services provider’s stock worth $2,945,000 after purchasing an additional 48,338 shares during the last quarter. Institutional investors own 91.60% of the company’s stock.

Globant Trading Down 2.6%

GLOB opened at $29.19 on Wednesday. The firm has a market cap of $1.28 billion, a P/E ratio of 11.87, a P/E/G ratio of 1.09 and a beta of 1.02. Globant S.A. has a 12 month low of $28.85 and a 12 month high of $95.26. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average of $40.00 and a 200 day moving average of $51.31.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.50. The business had revenue of $607.09 million for the quarter, compared to the consensus estimate of $601.65 million. Globant had a return on equity of 9.87% and a net margin of 4.46%.The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.50 earnings per share. As a group, research analysts forecast that Globant S.A. will post 4.94 EPS for the current year.

Globant declared that its board has approved a stock repurchase program on Monday, May 18th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the information technology services provider to repurchase up to 2.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages recently commented on GLOB. Needham & Company LLC dropped their price target on Globant from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, May 15th. UBS Group reduced their price objective on Globant from $75.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 5th. The Goldman Sachs Group lowered their target price on Globant from $68.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, May 15th. Susquehanna cut their target price on shares of Globant from $90.00 to $78.00 and set a “positive” rating for the company in a report on Friday, May 15th. Finally, TD Cowen reduced their price target on shares of Globant from $74.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Eight investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Globant has an average rating of “Hold” and an average price target of $64.81.

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.