Creative Planning Reduces Holdings in Globant S.A. (NYSE:GLOB)

Creative Planning decreased its position in shares of Globant S.A. (NYSE:GLOB) by 30.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,711 shares of the information technology services provider’s stock after selling 750 shares during the quarter. Creative Planning’s holdings in Globant were worth $305,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Wasatch Advisors LP boosted its stake in shares of 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 buying an additional 213,049 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of Globant during the second quarter worth about $99,396,000. Sei Investments Co. boosted its stake in shares of Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after buying an additional 155,112 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Globant by 57.5% during 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 buying an additional 161,512 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of 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 buying an additional 126,030 shares during the period. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GLOB shares. KeyCorp increased their target price on shares of Globant from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globant in a research report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Globant from $226.00 to $237.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Citigroup raised their price objective on shares of Globant from $215.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, Needham & Company LLC raised their price objective on shares of Globant from $200.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $224.00.

Globant Trading Up 0.1 %

NYSE GLOB opened at $216.49 on Friday. The firm’s fifty day moving average price is $199.34 and its two-hundred day moving average price is $186.45. Globant S.A. has a 1 year low of $151.68 and a 1 year high of $251.50. The firm has a market capitalization of $9.33 billion, a P/E ratio of 56.82, a price-to-earnings-growth ratio of 2.61 and a beta of 1.39.

Globant (NYSE:GLOB) last posted its quarterly earnings results 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 analyst estimates of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 earnings per share. On average, research analysts anticipate that Globant S.A. will post 5.02 EPS for the current fiscal year.

Globant Company 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.