Sands Capital Management LLC Reduces Holdings in Globant S.A. $GLOB

Sands Capital Management LLC decreased its holdings in Globant S.A. (NYSE:GLOB) by 9.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 770,560 shares of the information technology services provider’s stock after selling 77,702 shares during the quarter. Sands Capital Management LLC’s holdings in Globant were worth $50,372,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Maxi Investments CY Ltd purchased a new position in shares of Globant in the fourth quarter worth approximately $2,255,000. Citigroup Inc. boosted its holdings in shares of Globant by 106.7% in the third quarter. Citigroup Inc. now owns 324,199 shares of the information technology services provider’s stock worth $18,603,000 after buying an additional 167,341 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Globant by 340.3% in the fourth 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 last quarter. Citizens Financial Group Inc. RI purchased a new position in shares of Globant in the fourth quarter worth approximately $5,095,000. Finally, Counterpoint Mutual Funds LLC boosted its holdings in shares of Globant by 1,616.1% in the third quarter. Counterpoint Mutual Funds LLC now owns 51,329 shares of the information technology services provider’s stock worth $2,945,000 after buying an additional 48,338 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Trending Headlines about Globant

Here are the key news stories impacting Globant this week:

• Positive Sentiment: Globant won visibility for its Sportian Performance coaching platform after U.S. Head Coach Mauricio Pochettino chose it for team analytics and real-time decision-making, highlighting a real-world use case for the company’s software. US Head Coach Mauricio Pochettino chooses Globant’s Coaching Platform, Sportian Performance, for team analytics and real-time decision-making
• Neutral Sentiment: Several investor-law firms issued reminders and notices about an already filed securities class action, including lead-plaintiff deadlines, reinforcing the legal overhang but adding little new fundamental information. Globant S.A. (GLOB) Shareholders Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit
• Neutral Sentiment: Other articles were legal duplicate notices or stock-forecast links, which may keep attention on the stock but are not material operating updates. Bronstein, Gewirtz & Grossman LLC Urges Globant S.A. Investors to Act: Class Action Filed Alleging Investor Harm
• Negative Sentiment: The securities-fraud lawsuit headlines increase the risk of legal expenses, distraction, and reputational damage for Globant, which can pressure the stock. GLOB Investors Have Opportunity to Lead Globant S.A. Securities Fraud Lawsuit with the Schall Law Firm

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on GLOB shares. UBS Group dropped their price objective on shares of Globant from $75.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. The Goldman Sachs Group dropped their price objective on shares of Globant from $68.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, May 15th. JPMorgan Chase & Co. dropped their price objective on shares of Globant from $75.00 to $68.00 and set a “neutral” rating on the stock in a report on Wednesday, February 18th. Wells Fargo & Company dropped their price objective on shares of Globant from $57.00 to $50.00 and set an “equal weight” rating on the stock in a report on Friday, March 27th. Finally, Needham & Company LLC decreased their target price on shares of Globant from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Eight equities research 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 MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $64.81.

Globant Stock Up 0.1%

Shares of GLOB opened at $37.53 on Monday. The firm has a market capitalization of $1.65 billion, a P/E ratio of 15.26, a P/E/G ratio of 1.37 and a beta of 1.02. Globant S.A. has a 12-month low of $32.50 and a 12-month high of $97.65. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $41.89 and a 200-day moving average price of $52.87.

Globant (NYSE:GLOB) last issued its earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.50. Globant had a net margin of 4.46% and a return on equity of 9.87%. The firm had revenue of $607.09 million during the quarter, compared to analyst estimates of $601.66 million. During the same period in the previous year, the firm earned $1.50 earnings per share. The business’s revenue was down .7% on a year-over-year basis. Equities research analysts expect that Globant S.A. will post 4.93 earnings per share for the current year.

Globant announced that its board has authorized a share buyback program on Monday, May 18th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the information technology services provider to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

About Globant

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.