The Manufacturers Life Insurance Company reduced its stake in Globant S.A. (NYSE:GLOB) by 12.9% during the fourth quarter, according to its latest filing with the Securities & Exchange Commission. The institutional investor held 275,590 shares of the information technology services provider after selling 40,916 shares. This stake represented about 0.64% of Globant, valued at $59,092,000.
Other hedge funds have been adjusting their positions in Globant. Centricity Wealth Management LLC and Kestra Investment Management LLC both established new stakes in the company during the fourth quarter, with investments valued at approximately $38,000 each. Similarly, Van Berkom & Associates Inc. and Promus Capital LLC initiated positions worth about $45,000 and $64,000, respectively. Wilmington Savings Fund Society FSB also acquired a new stake in Globant during the third quarter, with an investment of around $40,000.
Currently, 91.60% of Globant’s stock is owned by hedge funds and other institutional investors. The company’s stock opened at $119.04 on Wednesday. Globant’s fifty-day moving average price is $124.25, and its 200-day moving average is $185.57. The stock has ranged from a 1-year low of $96.23 to a 1-year high of $238.32.
Globant’s market capitalization stands at $5.24 billion, with a P/E ratio of 32.00, a PEG ratio of 2.38, and a beta of 1.50. The company recently reported quarterly earnings of $1.36 per share, missing the consensus estimate of $1.75. Analysts expect Globant to post 5.73 EPS for the current fiscal year.
Several analysts have recently commented on Globant’s stock. Needham & Company LLC maintained a ‘buy’ rating with a $220.00 target price. In contrast, StockNews.com downgraded their rating from ‘hold’ to ‘sell’. Jefferies Financial Group raised their target price to $255.00 while maintaining a ‘buy’ rating. The overall analyst consensus on Globant is ‘Moderate Buy’ with an average target price of $204.00.
