Lazard Asset Management LLC Raises Stock Position in Globant S.A. $GLOB

Lazard Asset Management LLC raised its holdings in shares of Globant S.A. (NYSE:GLOB) by 113.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 326,027 shares of the information technology services provider’s stock after acquiring an additional 173,302 shares during the quarter. Lazard Asset Management LLC owned approximately 0.74% of Globant worth $15,033,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in GLOB. Signaturefd LLC grew its position in shares of Globant by 65.1% during the fourth quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 190 shares in the last quarter. Allworth Financial LP boosted its stake in Globant by 473.3% in the 4th quarter. Allworth Financial LP now owns 493 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 407 shares during the period. Larson Financial Group LLC boosted its stake in Globant by 561.2% in the 4th quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock worth $45,000 after purchasing an additional 578 shares during the period. GAMMA Investing LLC grew its holdings in Globant by 34.3% during the 4th quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock valued at $47,000 after buying an additional 182 shares in the last quarter. Finally, MidFirst Bank purchased a new stake in Globant during the 4th quarter valued at approximately $47,000. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Globant Stock Up 8.9%

Shares of GLOB opened at $38.24 on Thursday. 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 $1.68 billion, a price-to-earnings ratio of 15.54, a price-to-earnings-growth ratio of 1.32 and a beta of 1.06. Globant S.A. has a 1 year low of $27.56 and a 1 year high of $93.19. The business’s 50 day simple moving average is $34.32 and its 200-day simple moving average is $44.64.

Globant (NYSE:GLOB) last posted its earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share 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 $601.65 million. During the same period last year, the firm posted $1.50 earnings per share. Globant’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, equities analysts expect that Globant S.A. will post 4.9 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

GLOB has been the topic of several research analyst reports. Wells Fargo & Company lowered their target price on shares of Globant from $50.00 to $42.00 and set an “equal weight” rating on the stock in a report on Friday, July 10th. Needham & Company LLC cut their target price on shares of Globant from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Truist Financial reduced their price target on shares of Globant from $54.00 to $44.00 and set a “hold” rating on the stock in a report on Friday, May 15th. Canaccord Genuity Group decreased their price target on shares of Globant from $50.00 to $40.00 and set a “hold” rating on the stock in a research note on Friday, May 15th. Finally, Citigroup dropped their price objective on shares of Globant from $42.00 to $37.00 and set a “neutral” rating for the company in a report on Monday. Six research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Globant currently has an average rating of “Hold” and a consensus target price of $52.75.

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.