Trust Point Inc. Lowers Position in Globant S.A. (NYSE:GLOB)

Trust Point Inc. reduced its holdings in shares of Globant S.A. (NYSE:GLOB) by 2.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,855 shares of the information technology services provider’s stock after selling 203 shares during the quarter. Trust Point Inc.’s holdings in Globant were worth $1,953,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in GLOB. HighPoint Advisor Group LLC bought a new position in shares of Globant in the 4th quarter worth about $450,000. Park Avenue Securities LLC boosted its holdings in shares of Globant by 10.5% during the first quarter. Park Avenue Securities LLC now owns 7,612 shares of the information technology services provider’s stock worth $1,537,000 after purchasing an additional 724 shares during the period. 17 Capital Partners LLC acquired a new stake in shares of Globant during the first quarter worth approximately $686,000. Matthews International Capital Management LLC boosted its holdings in shares of Globant by 2.8% during the first quarter. Matthews International Capital Management LLC now owns 8,859 shares of the information technology services provider’s stock worth $1,789,000 after purchasing an additional 245 shares during the period. Finally, Harbour Capital Advisors LLC raised its position in Globant by 56.4% during the first quarter. Harbour Capital Advisors LLC now owns 1,525 shares of the information technology services provider’s stock valued at $302,000 after acquiring an additional 550 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

Globant Stock Performance

Shares of NYSE GLOB traded up $7.07 during midday trading on Friday, hitting $223.56. 110,315 shares of the stock traded hands, compared to its average volume of 484,951. The company has a market cap of $9.63 billion, a PE ratio of 56.82, a P/E/G ratio of 2.61 and a beta of 1.39. Globant S.A. has a one year low of $151.68 and a one year high of $251.50. The business has a 50 day moving average price of $199.34 and a two-hundred day moving average price of $186.45.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.01. The company had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. Globant’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.04 earnings per share. As a group, equities research analysts forecast that Globant S.A. will post 5.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GLOB. JPMorgan Chase & Co. lifted their price target on shares of Globant from $226.00 to $237.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. KeyCorp boosted their price objective on Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, August 16th. StockNews.com downgraded Globant from a “hold” rating to a “sell” rating in a research report on Tuesday, August 27th. TD Cowen upped their price target on Globant from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Globant in a research report on Thursday, August 22nd. They set a “hold” rating and a $210.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $224.00.

Globant Company 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.