abrdn plc decreased its position in shares of Globant S.A. (NYSE:GLOB - Free Report) by 22.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 343,817 shares of the information technology services provider's stock after selling 100,661 shares during the period. abrdn plc owned approximately 0.80% of Globant worth $67,593,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the company. Manning & Napier Advisors LLC bought a new position in Globant during the second quarter valued at $99,396,000. Sei Investments Co. raised its position in shares of Globant by 43.4% during the 2nd quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider's stock valued at $91,432,000 after buying an additional 155,112 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Globant by 57.5% in the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider's stock worth $78,851,000 after acquiring an additional 161,512 shares in the last quarter. Clearbridge Investments LLC grew its position in Globant by 28.4% in the second quarter. Clearbridge Investments LLC now owns 339,790 shares of the information technology services provider's stock worth $60,571,000 after acquiring an additional 75,192 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Globant by 89.9% during the second quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider's stock worth $47,450,000 after acquiring an additional 126,030 shares during the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.
Globant Trading Down 3.3 %
Shares of Globant stock traded down $7.21 during trading on Wednesday, hitting $213.49. 344,437 shares of the stock traded hands, compared to its average volume of 480,500. The stock's fifty day simple moving average is $203.61 and its 200 day simple moving average is $187.71. The firm has a market cap of $9.20 billion, a P/E ratio of 56.03, a price-to-earnings-growth ratio of 2.70 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.
Globant (NYSE:GLOB - Get Free Report) last posted its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The business had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. During the same quarter last year, the firm posted $1.04 EPS. The company's revenue for the quarter was up 18.1% on a year-over-year basis. As a group, equities analysts expect that Globant S.A. will post 5.02 EPS for the current year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on the company. Needham & Company LLC boosted their target price on Globant from $200.00 to $245.00 and gave the company a "buy" rating in a research report on Friday, August 16th. Piper Sandler reiterated an "overweight" rating and set a $240.00 price objective (up previously from $238.00) on shares of Globant in a research report on Friday, August 16th. TD Cowen raised their target price on shares of Globant from $220.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, August 16th. Jefferies Financial Group upped their price target on shares of Globant from $235.00 to $240.00 and gave the company a "buy" rating in a report on Monday, September 9th. Finally, Scotiabank raised their price objective on shares of Globant from $200.00 to $210.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $226.21.
Check Out Our Latest Stock Report on GLOB
About Globant
(
Free Report)
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.
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