Sands Capital Management LLC Sells 77,702 Shares of Globant S.A. $GLOB

Sands Capital Management LLC trimmed its holdings in Globant S.A. (NYSE:GLOB) by 9.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 770,560 shares of the information technology services provider’s stock after selling 77,702 shares during the quarter. Sands Capital Management LLC owned about 1.75% of Globant worth $50,372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of GLOB. Maxi Investments CY Ltd bought a new stake in Globant during the 4th quarter valued at about $2,255,000. Principal Financial Group Inc. increased its stake in Globant by 340.3% during the 4th quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock valued at $53,323,000 after purchasing an additional 630,440 shares in the last quarter. Citigroup Inc. increased its stake in Globant by 106.7% during the 3rd 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 Globant during the 4th quarter valued at about $5,095,000. Finally, Counterpoint Mutual Funds LLC increased its stake in Globant by 1,616.1% during the 3rd quarter. Counterpoint Mutual Funds LLC now owns 51,329 shares of the information technology services provider’s stock valued at $2,945,000 after purchasing an additional 48,338 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

Key Globant News

Here are the key news stories impacting Globant this week:

• Positive Sentiment: Globant won visibility for its Sportian Performance coaching platform after U.S. Head Coach Mauricio Pochettino chose it for team analytics and real-time decision-making, highlighting a real-world use case for the company’s software. US Head Coach Mauricio Pochettino chooses Globant’s Coaching Platform, Sportian Performance, for team analytics and real-time decision-making
• Neutral Sentiment: Several investor-law firms issued reminders and notices about an already filed securities class action, including lead-plaintiff deadlines, reinforcing the legal overhang but adding little new fundamental information. Globant S.A. (GLOB) Shareholders Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit
• Neutral Sentiment: Other articles were legal duplicate notices or stock-forecast links, which may keep attention on the stock but are not material operating updates. Bronstein, Gewirtz & Grossman LLC Urges Globant S.A. Investors to Act: Class Action Filed Alleging Investor Harm
• Negative Sentiment: The securities-fraud lawsuit headlines increase the risk of legal expenses, distraction, and reputational damage for Globant, which can pressure the stock. GLOB Investors Have Opportunity to Lead Globant S.A. Securities Fraud Lawsuit with the Schall Law Firm

Globant Stock Performance

Shares of NYSE GLOB opened at $37.53 on Monday. The firm’s 50-day moving average price is $41.89 and its 200-day moving average price is $52.87. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.65 billion, a PE ratio of 15.26, a PEG ratio of 1.37 and a beta of 1.02. Globant S.A. has a 52-week low of $32.50 and a 52-week high of $97.65.

Globant (NYSE:GLOB) last announced its quarterly earnings results 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 firm had revenue of $607.09 million for the quarter, compared to the consensus estimate of $601.66 million. Globant had a net margin of 4.46% and a return on equity of 9.87%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.50 EPS. As a group, analysts anticipate that Globant S.A. will post 4.93 EPS for the current year.

Globant announced that its Board of Directors has initiated a share repurchase plan on Monday, May 18th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have weighed in on GLOB. The Goldman Sachs Group reduced their price objective on shares of Globant from $68.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, May 15th. Canaccord Genuity Group reduced their price objective on shares of Globant from $50.00 to $40.00 and set a “hold” rating for the company in a research note on Friday, May 15th. UBS Group reduced their price objective on shares of Globant from $75.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Guggenheim reduced their price objective on shares of Globant from $80.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Finally, Mizuho reduced their price objective on shares of Globant from $91.00 to $76.00 and set an “outperform” rating for the company in a research note on Tuesday, March 3rd. Eight equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Globant presently has an average rating of “Hold” and a consensus target price 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.