Fred Alger Management LLC Lowers Holdings in Globant S.A. (NYSE:GLOB)

Fred Alger Management LLC reduced its position in Globant S.A. (NYSE:GLOB - Free Report) by 16.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,129 shares of the information technology services provider's stock after selling 6,654 shares during the quarter. Fred Alger Management LLC owned 0.08% of Globant worth $6,564,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of GLOB. Verition Fund Management LLC purchased a new stake in shares of Globant in the 3rd quarter valued at $1,009,000. Northwest & Ethical Investments L.P. lifted its stake in Globant by 19.9% in the third quarter. Northwest & Ethical Investments L.P. now owns 5,999 shares of the information technology services provider's stock worth $1,189,000 after purchasing an additional 995 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Globant by 18.6% during the third 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 buying an additional 8,427 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Globant during the third quarter valued at about $11,145,000. Finally, Townsquare Capital LLC increased its holdings in shares of Globant by 15.4% in the third quarter. Townsquare Capital LLC now owns 5,878 shares of the information technology services provider's stock worth $1,165,000 after buying an additional 784 shares during the period. 91.60% of the stock is currently owned by institutional investors.

Globant Price Performance

GLOB stock traded down $1.79 during midday trading on Friday, hitting $227.76. The stock had a trading volume of 138,971 shares, compared to its average volume of 509,207. The business has a 50-day moving average of $214.47 and a two-hundred day moving average of $194.10. The firm has a market cap of $9.81 billion, a price-to-earnings ratio of 59.47, a price-to-earnings-growth ratio of 2.81 and a beta of 1.39. Globant S.A. has a 52-week low of $151.68 and a 52-week high of $251.50.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GLOB. JPMorgan Chase & Co. increased their target price on Globant from $237.00 to $248.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. StockNews.com raised Globant from a "sell" rating to a "hold" rating in a research note on Sunday, November 24th. Citigroup lifted their target price on shares of Globant from $240.00 to $251.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globant in a report on Thursday, August 22nd. They set a "hold" rating and a $210.00 price target for the company. Finally, Scotiabank raised their price target on shares of Globant from $210.00 to $220.00 and gave the stock a "sector perform" rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $229.06.

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.