M&T Bank Corp Boosts Position in Globant S.A. (NYSE:GLOB)

M&T Bank Corp lifted its stake in shares of Globant S.A. (NYSE:GLOB) by 26.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,073 shares of the information technology services provider’s stock after acquiring an additional 432 shares during the period. M&T Bank Corp’s holdings in Globant were worth $445,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. JPMorgan Chase & Co. increased its position in shares of Globant by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,368,608 shares of the information technology services provider’s stock worth $469,316,000 after purchasing an additional 153,385 shares during the last quarter. abrdn plc increased its position in shares of Globant by 36.7% during the 4th quarter. abrdn plc now owns 470,150 shares of the information technology services provider’s stock worth $101,564,000 after purchasing an additional 126,333 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Globant by 6.4% during the 4th quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider’s stock worth $344,382,000 after purchasing an additional 96,257 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Globant by 315.8% during the 4th quarter. Principal Financial Group Inc. now owns 126,199 shares of the information technology services provider’s stock worth $27,060,000 after purchasing an additional 95,848 shares during the last quarter. Finally, Wasatch Advisors LP increased its position in shares of Globant by 2.6% during the 3rd quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock worth $689,553,000 after purchasing an additional 88,829 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GLOB shares. Redburn Atlantic raised Globant from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $140.00 to $150.00 in a research report on Tuesday, February 25th. TD Cowen raised their price objective on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Needham & Company LLC reissued a “buy” rating and set a $220.00 price objective on shares of Globant in a research report on Wednesday. Susquehanna assumed coverage on Globant in a research report on Tuesday, December 17th. They set a “positive” rating and a $255.00 price objective for the company. Finally, UBS Group dropped their target price on Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $221.39.

Globant Stock Performance

Shares of GLOB opened at $128.91 on Friday. The stock has a 50-day simple moving average of $192.98 and a 200-day simple moving average of $205.67. The stock has a market capitalization of $5.68 billion, a PE ratio of 34.65, a PEG ratio of 2.38 and a beta of 1.47. Globant S.A. has a 1 year low of $128.76 and a 1 year high of $238.32.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.39). The company had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. Analysts predict that Globant S.A. will post 5.73 EPS for the current year.

About Globant

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.