Norges Bank Makes New $19.44 Million Investment in Globant S.A. (NYSE:GLOB)

Norges Bank purchased a new stake in Globant S.A. (NYSE:GLOB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 90,682 shares of the information technology services provider's stock, valued at approximately $19,444,000. Norges Bank owned approximately 0.21% of Globant as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in GLOB. Centricity Wealth Management LLC bought a new stake in shares of Globant during the 4th quarter valued at about $38,000. Kestra Investment Management LLC bought a new stake in Globant during the 4th quarter valued at approximately $38,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Globant during the 3rd quarter worth approximately $40,000. Van Berkom & Associates Inc. bought a new position in shares of Globant in the 4th quarter worth approximately $45,000. Finally, Promus Capital LLC purchased a new position in shares of Globant in the 4th quarter valued at approximately $64,000. 91.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Susquehanna decreased their price objective on Globant from $255.00 to $225.00 and set a "positive" rating for the company in a report on Tuesday. Piper Sandler decreased their price target on shares of Globant from $237.00 to $230.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. StockNews.com raised shares of Globant from a "sell" rating to a "hold" rating in a research note on Sunday, April 6th. UBS Group decreased their target price on shares of Globant from $217.00 to $190.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. dropped their price target on Globant from $248.00 to $242.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Globant presently has a consensus rating of "Moderate Buy" and a consensus price target of $214.69.

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Globant Price Performance

NYSE GLOB traded up $2.89 during trading hours on Friday, hitting $107.59. The company's stock had a trading volume of 576,846 shares, compared to its average volume of 590,874. Globant S.A. has a 12 month low of $96.23 and a 12 month high of $238.32. The company's 50 day simple moving average is $150.16 and its two-hundred day simple moving average is $193.09. The company has a market cap of $4.74 billion, a P/E ratio of 28.92, a price-to-earnings-growth ratio of 2.38 and a beta of 1.50.

Globant (NYSE:GLOB - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing analysts' consensus estimates of $1.75 by ($0.39). The company had revenue of $642.48 million during the quarter, compared to the consensus estimate of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. As a group, research analysts predict that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

About Globant

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.