Globant S.A. (NYSE:GLOB) Shares Sold by Comgest Global Investors S.A.S.

Comgest Global Investors S.A.S. lessened its stake in Globant S.A. (NYSE:GLOB) by 6.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 212,409 shares of the information technology services provider’s stock after selling 15,223 shares during the quarter. Globant comprises about 0.6% of Comgest Global Investors S.A.S.’s holdings, making the stock its 26th largest holding. Comgest Global Investors S.A.S.’s holdings in Globant were worth $42,087,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GLOB. Victory Capital Management Inc. increased its stake in Globant by 1,817.5% during the third quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock worth $299,162,000 after acquiring an additional 1,431,112 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in Globant during the second quarter worth $99,396,000. Dimensional Fund Advisors LP boosted its position in shares of Globant by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock worth $78,851,000 after buying an additional 161,512 shares during the period. Sei Investments Co. boosted its position in shares of Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after buying an additional 155,112 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Globant by 89.9% during the second quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock worth $47,450,000 after buying an additional 126,030 shares during the period. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Stock Performance

NYSE GLOB traded down $25.50 during trading on Friday, reaching $203.29. 1,348,800 shares of the company’s stock were exchanged, compared to its average volume of 483,667. The stock has a market cap of $8.76 billion, a P/E ratio of 53.04, a price-to-earnings-growth ratio of 2.91 and a beta of 1.39. The company has a 50 day moving average price of $208.98 and a two-hundred day moving average price of $191.01. Globant S.A. has a 1 year low of $151.68 and a 1 year high of $251.50.

Globant (NYSE:GLOB) last posted its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. Globant had a return on equity of 11.68% and a net margin of 7.39%. The business had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. During the same quarter in the previous year, the firm earned $1.04 earnings per share. The business’s revenue was up 18.1% compared to the same quarter last year. Research analysts forecast that Globant S.A. will post 5.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. TD Cowen raised their price target on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday. Scotiabank raised their price target on Globant from $200.00 to $210.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 21st. Piper Sandler lowered their price target on Globant from $240.00 to $237.00 and set an “overweight” rating for the company in a research report on Friday. Canaccord Genuity Group raised their price target on Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Finally, Citigroup raised their price target on Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $228.50.

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.