Jennison Associates LLC Reduces Stock Holdings in Globant S.A. (NYSE:GLOB)

Jennison Associates LLC lessened its stake in shares of Globant S.A. (NYSE:GLOB - Free Report) by 2.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 797,577 shares of the information technology services provider's stock after selling 18,429 shares during the period. Jennison Associates LLC owned 1.85% of Globant worth $158,032,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. BOKF NA boosted its stake in Globant by 15,800.0% in the first quarter. BOKF NA now owns 159 shares of the information technology services provider's stock valued at $32,000 after buying an additional 158 shares in the last quarter. Quarry LP increased its position in Globant by 529.6% during the 2nd quarter. Quarry LP now owns 170 shares of the information technology services provider's stock worth $30,000 after purchasing an additional 143 shares in the last quarter. Ridgewood Investments LLC acquired a new stake in Globant in the second quarter valued at approximately $31,000. ORG Partners LLC grew its stake in shares of Globant by 65.5% during the third quarter. ORG Partners LLC now owns 192 shares of the information technology services provider's stock worth $38,000 after buying an additional 76 shares during the last quarter. Finally, American National Bank & Trust increased its holdings in shares of Globant by 430.2% during the third quarter. American National Bank & Trust now owns 228 shares of the information technology services provider's stock worth $45,000 after buying an additional 185 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GLOB shares. Canaccord Genuity Group reissued a "hold" rating and set a $205.00 price objective on shares of Globant in a research report on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on Globant in a report on Thursday, August 22nd. They issued a "hold" rating and a $210.00 target price on the stock. Jefferies Financial Group raised their target price on Globant from $235.00 to $240.00 and gave the company a "buy" rating in a report on Monday, September 9th. TD Cowen boosted their price target 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, UBS Group reiterated a "neutral" rating and issued a $235.00 price objective (up previously from $225.00) on shares of Globant in a research note on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Globant has an average rating of "Moderate Buy" and a consensus target price of $229.06.

Globant Stock Performance

Shares of GLOB stock traded up $6.91 during mid-day trading on Wednesday, hitting $215.46. The company's stock had a trading volume of 342,767 shares, compared to its average volume of 485,663. Globant S.A. has a 52-week low of $151.68 and a 52-week high of $251.50. The business has a 50-day moving average price of $209.32 and a 200 day moving average price of $191.52. The stock has a market cap of $9.28 billion, a price-to-earnings ratio of 54.46, a PEG ratio of 2.49 and a beta of 1.39.

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.