Envestnet Asset Management Inc. Sells 15,812 Shares of Globant S.A. (NYSE:GLOB)

Envestnet Asset Management Inc. trimmed its stake in Globant S.A. (NYSE:GLOB - Free Report) by 5.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 267,894 shares of the information technology services provider's stock after selling 15,812 shares during the period. Envestnet Asset Management Inc. owned 0.62% of Globant worth $47,755,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC bought a new position in shares of Globant in the second quarter worth about $99,396,000. Norges Bank acquired a new stake in shares of Globant in the fourth quarter worth $114,922,000. Wasatch Advisors LP increased its position in Globant by 6.8% during the first quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider's stock worth $673,693,000 after acquiring an additional 213,049 shares during the period. CIBC Private Wealth Group LLC raised its stake in Globant by 65.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 405,124 shares of the information technology services provider's stock valued at $96,411,000 after purchasing an additional 160,616 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its holdings in Globant by 48.4% in the 4th quarter. 1832 Asset Management L.P. now owns 422,800 shares of the information technology services provider's stock valued at $100,618,000 after purchasing an additional 137,900 shares during the period. Institutional investors own 91.60% of the company's stock.

Wall Street Analyst Weigh In

GLOB has been the subject of several research reports. The Goldman Sachs Group assumed coverage on shares of Globant in a research note on Monday, June 24th. They issued a "buy" rating and a $200.00 target price for the company. StockNews.com cut Globant from a "hold" rating to a "sell" rating in a research report on Tuesday, August 27th. Piper Sandler reaffirmed an "overweight" rating and issued a $240.00 target price (up from $238.00) on shares of Globant in a research report on Friday, August 16th. KeyCorp boosted their price target on shares of Globant from $220.00 to $235.00 and gave the company an "overweight" rating in a report on Friday, August 16th. Finally, Jefferies Financial Group raised their price objective on shares of Globant from $235.00 to $240.00 and gave the stock a "buy" rating in a report on Monday, September 9th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Globant currently has a consensus rating of "Moderate Buy" and a consensus target price of $222.90.

Globant Stock Performance

GLOB traded down $4.49 during midday trading on Friday, hitting $189.06. The company had a trading volume of 617,483 shares, compared to its average volume of 489,051. Globant S.A. has a twelve month low of $151.68 and a twelve month high of $251.50. The firm's 50-day simple moving average is $195.34 and its 200-day simple moving average is $187.12. The company has a market capitalization of $8.15 billion, a PE ratio of 49.62, a P/E/G ratio of 2.49 and a beta of 1.40.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.01. The firm had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. The business's revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.04 EPS. As a group, sell-side analysts anticipate that Globant S.A. will post 5.01 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.