Baker Avenue Asset Management LP Cuts Position in Globant S.A. (NYSE:GLOB)

Baker Avenue Asset Management LP lowered its holdings in shares of Globant S.A. (NYSE:GLOB) by 12.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,852 shares of the information technology services provider’s stock after selling 1,090 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Globant were worth $1,684,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Centricity Wealth Management LLC acquired a new stake in Globant in the 4th quarter valued at $38,000. Kestra Investment Management LLC purchased a new stake in shares of Globant during the fourth quarter worth about $38,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Globant during the 3rd quarter worth about $40,000. Van Berkom & Associates Inc. purchased a new position in Globant in the 4th quarter valued at about $45,000. Finally, Promus Capital LLC acquired a new stake in Globant in the 4th quarter worth about $64,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Analyst Upgrades and Downgrades

GLOB has been the subject of several recent research reports. UBS Group reduced their price objective on Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Scotiabank cut their price objective on shares of Globant from $170.00 to $140.00 and set a “sector perform” rating for the company in a report on Tuesday, April 29th. JPMorgan Chase & Co. dropped their price target on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Susquehanna lowered their price objective on Globant from $225.00 to $160.00 and set a “positive” rating on the stock in a research note on Wednesday, April 23rd. Finally, StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research note on Saturday. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and an average target price of $204.00.

Globant Price Performance

Shares of Globant stock opened at $119.28 on Monday. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of 32.06, a price-to-earnings-growth ratio of 2.38 and a beta of 1.37. The business has a 50-day moving average of $122.08 and a 200 day moving average of $183.35. Globant S.A. has a 12 month low of $96.23 and a 12 month high of $238.32.

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

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.