Principal Financial Group Inc. Purchases 40,024 Shares of Globant S.A. $GLOB

Principal Financial Group Inc. grew its holdings in shares of Globant S.A. (NYSE:GLOB) by 27.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 185,263 shares of the information technology services provider’s stock after buying an additional 40,024 shares during the period. Principal Financial Group Inc. owned 0.42% of Globant worth $10,630,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GLOB. Allworth Financial LP lifted its position in Globant by 214.1% during the 2nd quarter. Allworth Financial LP now owns 289 shares of the information technology services provider’s stock valued at $26,000 after acquiring an additional 197 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Globant by 352.0% during the third quarter. Geneos Wealth Management Inc. now owns 452 shares of the information technology services provider’s stock valued at $26,000 after purchasing an additional 352 shares in the last quarter. CWM LLC lifted its holdings in shares of Globant by 30.1% during the second quarter. CWM LLC now owns 636 shares of the information technology services provider’s stock valued at $58,000 after purchasing an additional 147 shares during the last quarter. SJS Investment Consulting Inc. boosted its position in shares of Globant by 27,766.7% in the 3rd quarter. SJS Investment Consulting Inc. now owns 836 shares of the information technology services provider’s stock worth $48,000 after purchasing an additional 833 shares in the last quarter. Finally, State of Wyoming boosted its position in shares of Globant by 78.9% in the 2nd quarter. State of Wyoming now owns 882 shares of the information technology services provider’s stock worth $80,000 after purchasing an additional 389 shares in the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Trading Down 7.9%

Shares of GLOB stock opened at $55.46 on Thursday. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.16. Globant S.A. has a 12-month low of $54.36 and a 12-month high of $228.98. The stock has a market capitalization of $2.44 billion, a P/E ratio of 25.10, a P/E/G ratio of 6.52 and a beta of 1.19. The firm’s 50 day moving average is $66.49 and its 200 day moving average is $65.06.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, November 13th. The information technology services provider reported $1.53 earnings per share for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.02). The company had revenue of $617.14 million for the quarter, compared to analysts’ expectations of $615.32 million. Globant had a net margin of 4.01% and a return on equity of 10.39%. Globant’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.63 earnings per share. Research analysts expect that Globant S.A. will post 5.73 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. JPMorgan Chase & Co. dropped their target price on Globant from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, November 14th. Citigroup raised Globant to a “hold” rating in a research report on Thursday, October 23rd. Truist Financial initiated coverage on shares of Globant in a research report on Tuesday, January 6th. They set a “hold” rating and a $72.00 price objective on the stock. UBS Group restated a “neutral” rating and set a $75.00 price objective on shares of Globant in a research note on Monday, January 19th. Finally, Wells Fargo & Company lifted their target price on shares of Globant from $61.00 to $68.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 14th. Six investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $97.75.

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.