Globant S.A. (NYSE:GLOB) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its position in shares of Globant S.A. (NYSE:GLOB) by 18.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 316,506 shares of the information technology services provider’s stock after purchasing an additional 50,322 shares during the period. The Manufacturers Life Insurance Company’s holdings in Globant were worth $62,712,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its position in shares of Globant by 1,817.5% during the third quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock worth $299,162,000 after acquiring an additional 1,431,112 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Globant in the 2nd quarter valued at approximately $99,396,000. Sei Investments Co. grew its position in shares of Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after buying an additional 155,112 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Globant by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock worth $78,851,000 after buying an additional 161,512 shares in the last quarter. Finally, Clearbridge Investments LLC increased its stake in shares of Globant by 28.4% in the second quarter. Clearbridge Investments LLC now owns 339,790 shares of the information technology services provider’s stock worth $60,571,000 after buying an additional 75,192 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Wall Street Analysts Forecast Growth

GLOB has been the subject of several recent analyst reports. Citigroup raised their price objective on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Scotiabank lifted their price target on Globant from $210.00 to $220.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. UBS Group reaffirmed a “neutral” rating and set a $235.00 target price (up previously from $225.00) on shares of Globant in a report on Tuesday, August 20th. Canaccord Genuity Group reiterated a “hold” rating and issued a $205.00 price target on shares of Globant in a report on Monday, November 18th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Globant in a research report on Thursday, August 22nd. They set a “hold” rating and a $210.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $229.06.

Globant Price Performance

GLOB opened at $229.55 on Thursday. The stock’s 50 day moving average price is $212.97 and its 200 day moving average price is $193.24. The stock has a market cap of $9.89 billion, a P/E ratio of 59.93, a P/E/G ratio of 2.85 and a beta of 1.39. Globant S.A. has a 12 month low of $151.68 and a 12 month high of $251.50.

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.