Thornburg Investment Management Inc. Purchases 14,058 Shares of Globant S.A. $GLOB

Thornburg Investment Management Inc. lifted its position in shares of Globant S.A. (NYSE:GLOB) by 60.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,296 shares of the information technology services provider’s stock after acquiring an additional 14,058 shares during the quarter. Thornburg Investment Management Inc. owned approximately 0.08% of Globant worth $2,438,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLOB. Alliancebernstein L.P. raised its position in shares of Globant by 6,875.8% during the second quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock worth $84,413,000 after acquiring an additional 915,924 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Globant by 601.5% during the third quarter. BNP Paribas Financial Markets now owns 783,930 shares of the information technology services provider’s stock worth $44,982,000 after purchasing an additional 672,175 shares during the period. Principal Financial Group Inc. grew its stake in shares of Globant by 340.3% during 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 purchasing an additional 630,440 shares during the period. Two Sigma Investments LP grew its stake in shares of Globant by 493.8% during the third quarter. Two Sigma Investments LP now owns 660,296 shares of the information technology services provider’s stock worth $37,888,000 after purchasing an additional 549,089 shares during the period. Finally, Federated Hermes Inc. grew its stake in shares of Globant by 7,560.4% during the fourth quarter. Federated Hermes Inc. now owns 468,053 shares of the information technology services provider’s stock worth $30,597,000 after purchasing an additional 461,943 shares during the period. Institutional investors own 91.60% of the company’s stock.

Wall Street Analyst Weigh In

GLOB has been the subject of a number of analyst reports. Wedbush reaffirmed an “outperform” rating on shares of Globant in a research note on Monday, May 18th. UBS Group decreased their price objective on Globant from $75.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Truist Financial decreased their price objective on Globant from $54.00 to $44.00 and set a “hold” rating for the company in a research note on Friday, May 15th. JPMorgan Chase & Co. decreased their price objective on Globant from $75.00 to $68.00 and set a “neutral” rating for the company in a research note on Wednesday, February 18th. Finally, TD Cowen decreased their price objective on Globant from $74.00 to $72.00 and set a “buy” rating for the company in a research note on Monday, April 6th. Eight equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $64.81.

Globant Stock Down 1.6%

GLOB stock opened at $36.91 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82. The stock has a market capitalization of $1.62 billion, a P/E ratio of 15.00, a P/E/G ratio of 1.37 and a beta of 1.02. The business has a 50-day moving average of $41.67 and a 200-day moving average of $52.69. Globant S.A. has a fifty-two week low of $32.50 and a fifty-two week high of $96.99.

Globant (NYSE:GLOB) last posted its quarterly earnings data 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. The company had revenue of $607.09 million during the quarter, compared to analysts’ expectations of $601.66 million. Globant had a return on equity of 9.87% and a net margin of 4.46%.Globant’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.50 earnings per share. On average, sell-side analysts anticipate that Globant S.A. will post 4.93 earnings per share for the current fiscal year.

Globant announced that its board has initiated a stock repurchase program on Monday, May 18th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 2.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is 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.