PNC Financial Services Group Inc. Grows Position in Globant S.A. (NYSE:GLOB)

PNC Financial Services Group Inc. lifted its holdings in shares of Globant S.A. (NYSE:GLOB) by 2.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,813 shares of the information technology services provider’s stock after purchasing an additional 118 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Globant were worth $1,032,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of GLOB. JPMorgan Chase & Co. grew its holdings 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 period. abrdn plc grew its holdings 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 period. Victory Capital Management Inc. grew its holdings 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 period. Principal Financial Group Inc. grew its holdings 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 period. Finally, Wasatch Advisors LP grew its holdings 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 period. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Globant Stock Performance

Shares of NYSE GLOB opened at $134.43 on Monday. Globant S.A. has a fifty-two week low of $128.76 and a fifty-two week high of $238.32. The firm has a market capitalization of $5.92 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47. The stock’s 50-day simple moving average is $191.29 and its 200-day simple moving average is $205.27.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a return on equity of 11.83% and a net margin of 6.86%. The business had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. On average, sell-side analysts forecast that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GLOB. Needham & Company LLC reiterated a “buy” rating and set a $220.00 price target on shares of Globant in a report on Wednesday, March 12th. Redburn Atlantic upgraded Globant from a “sell” rating to a “neutral” rating and raised their target price for the company from $140.00 to $150.00 in a report on Tuesday, February 25th. Scotiabank lowered their target price on Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a report on Monday, February 24th. Canaccord Genuity Group lowered their target price on Globant from $205.00 to $165.00 and set a “hold” rating for the company in a report on Monday, February 24th. Finally, Susquehanna began coverage on Globant in a report on Tuesday, December 17th. They set a “positive” rating and a $255.00 target price for the company. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $221.39.

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.