Riverbridge Partners LLC Sells 80,963 Shares of Globant S.A. $GLOB

Riverbridge Partners LLC reduced its position in Globant S.A. (NYSE:GLOB) by 10.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 687,811 shares of the information technology services provider’s stock after selling 80,963 shares during the quarter. Riverbridge Partners LLC’s holdings in Globant were worth $31,715,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Diversified Trust Co grew its stake in shares of Globant by 70.4% during the first quarter. Diversified Trust Co now owns 9,740 shares of the information technology services provider’s stock valued at $449,000 after buying an additional 4,023 shares during the last quarter. Corient Private Wealth LLC bought a new stake in shares of Globant during the 4th quarter worth approximately $899,000. MidFirst Bank bought a new stake in shares of Globant during the 4th quarter worth approximately $47,000. Virtu Financial LLC purchased a new position in Globant during the 4th quarter valued at $902,000. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Globant by 618,600.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 167,049 shares of the information technology services provider’s stock valued at $10,920,000 after acquiring an additional 167,022 shares during the period. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Trading Down 2.6%

GLOB opened at $29.19 on Wednesday. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16. The stock’s fifty day moving average is $40.00 and its two-hundred day moving average is $51.31. The company has a market capitalization of $1.28 billion, a P/E ratio of 11.87, a PEG ratio of 1.09 and a beta of 1.02. Globant S.A. has a 52 week low of $28.85 and a 52 week high of $95.26.

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

Globant declared that its Board of Directors has initiated a stock buyback program on Monday, May 18th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 2.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wells Fargo & Company reduced their target price on Globant from $57.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Friday, March 27th. The Goldman Sachs Group lowered their target price on shares of Globant from $68.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, May 15th. Wedbush restated an “outperform” rating on shares of Globant in a report on Monday, May 18th. Susquehanna reduced their price target 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. Finally, Truist Financial decreased their price objective on shares of Globant from $54.00 to $44.00 and set a “hold” rating for the company in a report on Friday, May 15th. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $64.81.

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.