Invesco Ltd. Increases Stake in Globant S.A. (NYSE:GLOB)

Invesco Ltd. boosted its stake in shares of Globant S.A. (NYSE:GLOB) by 90.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 109,356 shares of the information technology services provider’s stock after purchasing an additional 51,945 shares during the period. Invesco Ltd.’s holdings in Globant were worth $23,448,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Centricity Wealth Management LLC acquired a new position in Globant in the 4th quarter worth approximately $38,000. Kestra Investment Management LLC acquired a new position in shares of Globant in the fourth quarter worth about $38,000. Wilmington Savings Fund Society FSB purchased a new position in Globant during the third quarter worth approximately $40,000. Van Berkom & Associates Inc. acquired a new stake in Globant in the 4th quarter valued at $45,000. Finally, Promus Capital LLC acquired a new stake in shares of Globant in the fourth quarter valued at about $64,000. Institutional investors and hedge funds own 91.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on GLOB shares. Canaccord Genuity Group dropped their price target on Globant from $205.00 to $165.00 and set a “hold” rating for the company in a research report on Monday, February 24th. Jefferies Financial Group raised their target price on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Piper Sandler lowered their price objective on shares of Globant from $230.00 to $154.00 and set an “overweight” rating for the company in a research report on Wednesday. Susquehanna reduced their price target on shares of Globant from $255.00 to $225.00 and set a “positive” rating on the stock in a research report on Tuesday, April 8th. Finally, Scotiabank decreased their target price on Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a report on Monday, February 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $209.94.

Globant Stock Performance

GLOB opened at $105.69 on Friday. The stock has a market capitalization of $4.65 billion, a P/E ratio of 28.41, a price-to-earnings-growth ratio of 2.38 and a beta of 1.50. Globant S.A. has a one year low of $96.23 and a one year high of $238.32. The business’s 50-day simple moving average is $139.24 and its 200-day simple moving average is $190.00.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.39). The firm had revenue of $642.48 million during the quarter, compared to analyst estimates of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. On average, equities research analysts forecast that Globant S.A. will post 5.73 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.