Sei Investments Co. Has $6.48 Million Position in Globant S.A. $GLOB

Sei Investments Co. lowered its holdings in Globant S.A. (NYSE:GLOB) by 73.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 140,575 shares of the information technology services provider’s stock after selling 383,008 shares during the quarter. Sei Investments Co.’s holdings in Globant were worth $6,482,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Pzena Investment Management LLC bought a new position in Globant during the first quarter worth about $136,893,000. Alliancebernstein L.P. grew its stake in shares of Globant by 6,875.8% in the 2nd quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock valued at $84,413,000 after purchasing an additional 915,924 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Globant by 601.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 783,930 shares of the information technology services provider’s stock valued at $44,982,000 after purchasing an additional 672,175 shares during the period. Principal Financial Group Inc. raised its holdings in shares of 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 buying an additional 630,440 shares in the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Globant by 493.8% in the 3rd quarter. Two Sigma Investments LP now owns 660,296 shares of the information technology services provider’s stock worth $37,888,000 after buying an additional 549,089 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Stock Up 1.5%

Shares of GLOB opened at $37.17 on Tuesday. The company has a market capitalization of $1.63 billion, a P/E ratio of 15.11, a PEG ratio of 1.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82. Globant S.A. has a one year low of $27.56 and a one year high of $82.79. The business’s 50 day simple moving average is $34.11 and its 200-day simple moving average is $44.00.

Globant (NYSE:GLOB) last released its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, hitting analysts’ consensus estimates of $1.50. Globant had a return on equity of 9.87% and a net margin of 4.46%.The business had revenue of $607.09 million for the quarter, compared to analyst estimates of $601.65 million. During the same period in the prior year, the company earned $1.50 EPS. Globant’s revenue for the quarter was down .7% on a year-over-year basis. As a group, sell-side analysts predict that Globant S.A. will post 4.89 EPS for the current fiscal year.

Globant announced that its Board of Directors has authorized a share buyback plan on Monday, May 18th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the information technology services provider to purchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. The Goldman Sachs Group decreased their price target on Globant from $68.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, May 15th. TD Cowen dropped their price objective on Globant from $59.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. William Blair cut Globant from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Wedbush restated an “outperform” rating on shares of Globant in a research note on Monday, May 18th. Finally, Itau BBA Securities lowered shares of Globant from an “outperform” rating to a “market perform” rating and set a $39.00 target price on the stock. in a report on Wednesday, July 8th. Six research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Globant presently has an average rating of “Hold” and a consensus target price of $52.75.

Globant Company 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.