Norges Bank Takes Position in Globant S.A. $GLOB

Norges Bank acquired a new position in Globant S.A. (NYSE:GLOB) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 111,576 shares of the information technology services provider’s stock, valued at approximately $10,136,000. Norges Bank owned about 0.25% of Globant as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brooklyn Investment Group grew its holdings in Globant by 194.4% in the first quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 140 shares during the last quarter. Allworth Financial LP boosted its position in shares of Globant by 214.1% in the 2nd quarter. Allworth Financial LP now owns 289 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 197 shares in the last quarter. State of Wyoming grew its stake in Globant by 53.1% during the 1st quarter. State of Wyoming now owns 493 shares of the information technology services provider’s stock worth $58,000 after buying an additional 171 shares during the last quarter. CWM LLC grew its stake in Globant by 30.1% during the 2nd quarter. CWM LLC now owns 636 shares of the information technology services provider’s stock worth $58,000 after buying an additional 147 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Globant by 33.2% during the 2nd quarter. GAMMA Investing LLC now owns 988 shares of the information technology services provider’s stock valued at $90,000 after buying an additional 246 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on GLOB shares. The Goldman Sachs Group dropped their price target on Globant from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, October 9th. Weiss Ratings reissued a “sell (d+)” rating on shares of Globant in a research report on Monday. Wells Fargo & Company raised shares of Globant to a “hold” rating in a report on Wednesday, October 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Globant from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, November 14th. Finally, UBS Group reissued a “neutral” rating and issued a $70.00 target price on shares of Globant in a research report on Tuesday, December 2nd. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $98.67.

Globant Stock Down 0.5%

GLOB stock opened at $68.80 on Wednesday. The company has a market capitalization of $3.03 billion, a P/E ratio of 31.13, a price-to-earnings-growth ratio of 6.52 and a beta of 1.24. Globant S.A. has a 12 month low of $54.36 and a 12 month high of $230.60. The firm’s fifty day simple moving average is $61.46 and its 200-day simple moving average is $73.38. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.93 and a quick ratio of 1.93.

Globant (NYSE:GLOB) last posted its earnings results on Thursday, November 13th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.02). The business had revenue of $617.14 million for the quarter, compared to analyst estimates of $615.32 million. Globant had a net margin of 4.01% and a return on equity of 10.39%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 earnings per share. Globant has set its FY 2025 guidance at 6.120- EPS and its Q4 2025 guidance at 1.530- EPS. As a group, equities research analysts forecast that Globant S.A. will post 5.73 earnings per share for the current year.

Globant declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 1st that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the information technology services provider to purchase up to 5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

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.