Comgest Global Investors S.A.S. Reduces Position in Globant S.A. (NYSE:GLOB)

Comgest Global Investors S.A.S. decreased its holdings in Globant S.A. (NYSE:GLOB) by 6.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 212,409 shares of the information technology services provider’s stock after selling 15,223 shares during the quarter. Globant comprises approximately 0.6% of Comgest Global Investors S.A.S.’s portfolio, making the stock its 26th biggest position. Comgest Global Investors S.A.S. owned 0.49% of Globant worth $42,087,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP increased its holdings in shares of Globant by 529.6% during the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 143 shares in the last quarter. Ridgewood Investments LLC bought a new stake in Globant during the 2nd quarter valued at approximately $31,000. BOKF NA raised its stake in Globant by 15,800.0% during the 1st quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 158 shares during the period. ORG Partners LLC increased its stake in Globant by 65.5% in the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock worth $38,000 after acquiring an additional 76 shares during the last quarter. Finally, American National Bank & Trust increased its stake in Globant by 430.2% in the 3rd quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock worth $45,000 after acquiring an additional 185 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Globant Stock Down 11.1 %

Shares of NYSE GLOB traded down $25.50 during midday trading on Friday, hitting $203.29. The stock had a trading volume of 1,348,800 shares, compared to its average volume of 483,667. The company has a market capitalization of $8.76 billion, a PE ratio of 53.04, a P/E/G ratio of 2.91 and a beta of 1.39. The stock has a 50 day simple moving average of $208.98 and a 200-day simple moving average 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 quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.50 by $0.01. Globant had a return on equity of 11.68% and a net margin of 7.39%. The firm had revenue of $587.46 million during the quarter, compared to analysts’ expectations of $586.72 million. During the same quarter last year, the firm earned $1.04 earnings per share. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. As a group, analysts expect that Globant S.A. will post 5.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GLOB shares. Citigroup boosted their target price on Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Canaccord Genuity Group boosted 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. Needham & Company LLC upped their target price on Globant from $245.00 to $265.00 and gave the company a “buy” rating in a research report on Friday. Jefferies Financial Group increased their price objective on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a report on Monday, September 9th. Finally, JPMorgan Chase & Co. upped their target price on Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.