New York State Common Retirement Fund Reduces Holdings in Globant S.A. (NYSE:GLOB)

New York State Common Retirement Fund lessened its position in Globant S.A. (NYSE:GLOB) by 2.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 73,710 shares of the information technology services provider’s stock after selling 2,000 shares during the period. New York State Common Retirement Fund’s holdings in Globant were worth $15,805,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Wasatch Advisors LP increased its position in shares of Globant by 2.6% during the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after buying an additional 88,829 shares during the period. JPMorgan Chase & Co. grew its position in Globant by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,368,608 shares of the information technology services provider’s stock valued at $469,316,000 after purchasing an additional 153,385 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Globant by 1,817.5% during the third quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after acquiring an additional 1,431,112 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Globant by 0.6% in the fourth quarter. Jennison Associates LLC now owns 802,547 shares of the information technology services provider’s stock worth $172,082,000 after purchasing an additional 4,970 shares during the last quarter. Finally, abrdn plc raised its position in Globant by 36.7% in the 4th quarter. abrdn plc now owns 470,150 shares of the information technology services provider’s stock worth $101,564,000 after buying an additional 126,333 shares during the last quarter. 91.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on GLOB. UBS Group lowered their price target on Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. Susquehanna initiated coverage on Globant in a research note on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price objective on the stock. Jefferies Financial Group lifted their price objective on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. TD Cowen increased their target price on shares of Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Scotiabank lifted 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. One equities 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’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $227.06.

Globant Stock Down 27.7 %

Globant stock opened at $152.02 on Monday. Globant S.A. has a twelve month low of $151.38 and a twelve month high of $238.32. The company’s 50-day moving average price is $214.07 and its 200-day moving average price is $210.79. The company has a market cap of $6.55 billion, a PE ratio of 40.86, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). Globant had a net margin of 6.86% and a return on equity of 11.83%. The firm had revenue of $642.48 million for the quarter, compared to the consensus estimate of $644.42 million. As a group, sell-side analysts expect that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

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.