Brown Brothers Harriman & Co. Increases Stake in Globant S.A. (NYSE:GLOB)

Brown Brothers Harriman & Co. lifted its stake in Globant S.A. (NYSE:GLOB - Free Report) by 42.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 291,377 shares of the information technology services provider's stock after purchasing an additional 87,242 shares during the period. Brown Brothers Harriman & Co. owned about 0.68% of Globant worth $62,477,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in GLOB. M&T Bank Corp lifted its holdings in shares of Globant by 3.8% in the 3rd quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider's stock worth $326,000 after buying an additional 60 shares during the period. Franklin Resources Inc. lifted its stake in Globant by 0.6% in the third quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider's stock worth $2,704,000 after acquiring an additional 71 shares during the period. Congress Wealth Management LLC DE grew its holdings in Globant by 2.9% during the 4th quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider's stock worth $575,000 after acquiring an additional 76 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Globant by 2.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,813 shares of the information technology services provider's stock valued at $1,032,000 after purchasing an additional 118 shares during the period. Finally, National Bank of Canada FI raised its holdings in shares of Globant by 3.3% in the 3rd quarter. National Bank of Canada FI now owns 3,816 shares of the information technology services provider's stock valued at $756,000 after purchasing an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GLOB shares. Scotiabank cut their price objective on shares of Globant from $220.00 to $170.00 and set a "sector perform" rating on the stock in a report on Monday, February 24th. UBS Group cut their price target on Globant from $217.00 to $190.00 and set a "neutral" rating on the stock in a report on Wednesday, February 26th. Susquehanna started coverage on Globant in a research note on Tuesday, December 17th. They set a "positive" rating and a $255.00 price objective for the company. Redburn Atlantic raised Globant from a "sell" rating to a "neutral" rating and raised their price objective for the company from $140.00 to $150.00 in a research report on Tuesday, February 25th. Finally, Canaccord Genuity Group reduced their target price on shares of Globant from $205.00 to $165.00 and set a "hold" rating for the company in a report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Globant currently has a consensus rating of "Moderate Buy" and a consensus price target of $219.71.

Globant Stock Performance

GLOB stock traded up $3.02 during midday trading on Wednesday, reaching $119.00. The stock had a trading volume of 321,575 shares, compared to its average volume of 560,846. The firm has a fifty day simple moving average of $170.80 and a two-hundred day simple moving average of $199.26. Globant S.A. has a 52-week low of $113.65 and a 52-week high of $238.32. The stock has a market cap of $5.24 billion, a PE ratio of 31.99, a P/E/G ratio of 2.38 and a beta of 1.47.

Globant (NYSE:GLOB - Get Free Report) last announced its quarterly earnings data 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). Globant had a return on equity of 11.83% and a net margin of 6.86%. The firm had revenue of $642.48 million during the quarter, compared to analysts' expectations of $644.42 million. On average, sell-side analysts predict that Globant S.A. will post 5.73 EPS for the current fiscal year.

Globant 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.