Border to Coast Pensions Partnership Ltd Purchases 63,127 Shares of Globant S.A. $GLOB

Border to Coast Pensions Partnership Ltd grew its position in shares of Globant S.A. (NYSE:GLOB) by 25.9% during the first quarter, HoldingsChannel.com reports. The firm owned 306,451 shares of the information technology services provider’s stock after purchasing an additional 63,127 shares during the period. Border to Coast Pensions Partnership Ltd’s holdings in Globant were worth $14,174,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in GLOB. Alliancebernstein L.P. increased its stake in shares of Globant by 6,875.8% in the second quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock valued at $84,413,000 after buying an additional 915,924 shares during the period. BNP Paribas Financial Markets boosted its position in Globant by 601.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 783,930 shares of the information technology services provider’s stock worth $44,982,000 after buying an additional 672,175 shares during the period. Principal Financial Group Inc. boosted its position in Globant by 340.3% during the 4th quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock worth $53,323,000 after buying an additional 630,440 shares during the period. Two Sigma Investments LP grew its holdings in Globant by 493.8% during the 3rd quarter. Two Sigma Investments LP now owns 660,296 shares of the information technology services provider’s stock worth $37,888,000 after acquiring an additional 549,089 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in Globant by 7,560.4% during the 4th quarter. Federated Hermes Inc. now owns 468,053 shares of the information technology services provider’s stock worth $30,597,000 after acquiring an additional 461,943 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GLOB has been the subject of several analyst reports. UBS Group dropped their price target on shares of Globant from $75.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Susquehanna reduced their price objective on shares of Globant from $90.00 to $78.00 and set a “positive” rating on the stock in a research note on Friday, May 15th. Wedbush reissued an “outperform” rating on shares of Globant in a research note on Monday, May 18th. Wells Fargo & Company decreased their price objective on Globant from $57.00 to $50.00 and set an “equal weight” rating for the company in a report on Friday, March 27th. Finally, Mizuho lowered their target price on Globant from $91.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. Eight investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Globant presently has an average rating of “Hold” and an average price target of $64.81.

Globant Stock Performance

NYSE:GLOB opened at $30.00 on Friday. The company has a market capitalization of $1.32 billion, a PE ratio of 12.20, a P/E/G ratio of 1.10 and a beta of 1.02. The company has a 50 day simple moving average of $38.91 and a two-hundred day simple moving average of $50.57. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.82 and a current ratio of 1.82. Globant S.A. has a fifty-two week low of $27.56 and a fifty-two week high of $95.26.

Globant (NYSE:GLOB) last released its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.50. The firm had revenue of $607.09 million during the quarter, compared to analyst estimates of $601.65 million. Globant had a net margin of 4.46% and a return on equity of 9.87%. The company’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business earned $1.50 EPS. Research analysts anticipate that Globant S.A. will post 4.94 earnings per share for the current year.

Globant declared that its board has initiated a stock repurchase plan on Monday, May 18th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Globant Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.