Principal Financial Group Inc. Acquires 95,848 Shares of Globant S.A. (NYSE:GLOB)

Principal Financial Group Inc. increased its position in Globant S.A. (NYSE:GLOB) by 315.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 126,199 shares of the information technology services provider’s stock after purchasing an additional 95,848 shares during the quarter. Principal Financial Group Inc.’s holdings in Globant were worth $27,060,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Creative Planning raised 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 valued at $409,000 after purchasing an additional 351 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Globant in the 3rd quarter valued at about $11,145,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Globant by 18.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,816 shares of the information technology services provider’s stock valued at $10,663,000 after purchasing an additional 8,427 shares during the period. Brown Brothers Harriman & Co. raised its holdings in shares of Globant by 32.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 204,135 shares of the information technology services provider’s stock valued at $40,447,000 after purchasing an additional 49,597 shares during the period. Finally, Diversified Trust Co bought a new position in Globant in the 4th quarter valued at about $545,000. 91.60% of the stock is owned by institutional investors.

Globant Trading Down 27.7 %

NYSE GLOB opened at $152.02 on Friday. The firm has a market capitalization of $6.55 billion, a price-to-earnings ratio of 40.86, a P/E/G ratio of 2.38 and a beta of 1.39. The firm’s 50 day simple moving average is $214.07 and its 200 day simple moving average is $210.61. Globant S.A. has a 1 year low of $151.38 and a 1 year high of $238.32.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.39). The firm had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. On average, equities research analysts forecast that Globant S.A. will post 5.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GLOB. Piper Sandler lowered their price target on shares of Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday. Scotiabank increased their price target on shares of Globant from $210.00 to $220.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. Jefferies Financial Group increased their price target on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Susquehanna began coverage on shares of Globant in a report on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered their price target on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Globant presently has a consensus rating of “Moderate Buy” and a consensus price target of $227.06.

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.