Magnetar Financial LLC Invests $2.92 Million in Globant S.A. (NYSE:GLOB)

Magnetar Financial LLC purchased a new stake in Globant S.A. (NYSE:GLOB) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,452 shares of the information technology services provider’s stock, valued at approximately $2,918,000.

Other hedge funds have also recently bought and sold shares of the company. Wasatch Advisors LP increased its position in Globant by 6.8% in the 1st quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock valued at $673,693,000 after acquiring an additional 213,049 shares during the period. Capital International Investors grew its stake in Globant by 0.5% during the 4th quarter. Capital International Investors now owns 1,323,859 shares of the information technology services provider’s stock valued at $315,052,000 after acquiring an additional 6,707 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Globant by 289.5% in the 4th quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock valued at $228,659,000 after purchasing an additional 714,162 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Globant by 36.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 705,090 shares of the information technology services provider’s stock valued at $167,797,000 after purchasing an additional 189,204 shares during the period. Finally, Norges Bank purchased a new stake in shares of Globant in the fourth quarter worth approximately $114,922,000. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Stock Performance

Shares of NYSE:GLOB traded down $4.47 during midday trading on Friday, reaching $192.60. 625,085 shares of the company’s stock were exchanged, compared to its average volume of 513,173. Globant S.A. has a 12 month low of $151.68 and a 12 month high of $251.50. The firm has a market capitalization of $8.30 billion, a PE ratio of 50.55, a price-to-earnings-growth ratio of 1.99 and a beta of 1.41. The company’s 50 day simple moving average is $173.56 and its two-hundred day simple moving average is $197.14.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, May 16th. The information technology services provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.01. Globant had a net margin of 7.62% and a return on equity of 11.60%. The firm had revenue of $571.08 million during the quarter, compared to analysts’ expectations of $570.72 million. On average, research analysts anticipate that Globant S.A. will post 5 earnings per share for the current year.

Analysts Set New Price Targets

GLOB has been the topic of a number of research analyst reports. Citigroup boosted their price objective on shares of Globant from $215.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, July 12th. The Goldman Sachs Group initiated coverage on shares of Globant in a report on Monday, June 24th. They set a “buy” rating and a $200.00 price target on the stock. StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a report on Tuesday, May 21st. Scotiabank lowered their target price on Globant from $200.00 to $190.00 and set a “sector perform” rating on the stock in a research note on Friday, May 17th. Finally, Redburn Atlantic started coverage on Globant in a research report on Friday, May 24th. They issued a “sell” rating and a $135.00 target price on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $216.72.

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.