Bank of America Corp DE Buys 30,785 Shares of Globant S.A. (NYSE:GLOB)

Bank of America Corp DE lifted its stake in shares of Globant S.A. (NYSE:GLOB) by 7.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 440,039 shares of the information technology services provider’s stock after acquiring an additional 30,785 shares during the period. Bank of America Corp DE owned approximately 1.02% of Globant worth $94,353,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in GLOB. Centricity Wealth Management LLC bought a new stake in Globant in the fourth quarter worth $38,000. Kestra Investment Management LLC bought a new stake in Globant in the fourth quarter worth $38,000. Wilmington Savings Fund Society FSB bought a new stake in Globant in the third quarter worth $40,000. Van Berkom & Associates Inc. bought a new position in shares of Globant during the fourth quarter valued at about $45,000. Finally, Promus Capital LLC bought a new position in shares of Globant during the fourth quarter valued at about $64,000. 91.60% of the stock is owned by institutional investors.

Globant Price Performance

GLOB stock opened at $128.83 on Monday. The firm has a 50-day moving average of $119.65 and a 200 day moving average of $179.98. Globant S.A. has a 1 year low of $96.23 and a 1 year high of $238.32. The company has a market cap of $5.67 billion, a P/E ratio of 34.63, a PEG ratio of 2.38 and a beta of 1.37.

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

Analysts Set New Price Targets

Several equities analysts have recently commented on GLOB shares. Piper Sandler lowered their price objective on shares of Globant from $230.00 to $154.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. StockNews.com downgraded shares of Globant from a “hold” rating to a “sell” rating in a research note on Sunday. JPMorgan Chase & Co. lowered their price objective on shares of Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price objective on shares of Globant in a research note on Wednesday, March 12th. Finally, Jefferies Financial Group upped their price objective on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $204.00.

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.