State Treasurer State of Michigan Takes $4.55 Million Position in Globant SA (NYSE:GLOB)

State Treasurer State of Michigan bought a new position in Globant SA (NYSE:GLOB) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 45,000 shares of the information technology services provider’s stock, valued at approximately $4,547,000. State Treasurer State of Michigan owned 0.12% of Globant at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bollard Group LLC purchased a new stake in shares of Globant in the first quarter worth approximately $29,000. Icon Wealth Partners LLC purchased a new stake in shares of Globant in the first quarter worth approximately $42,000. Cutler Group LP purchased a new stake in shares of Globant in the first quarter worth approximately $128,000. Winslow Evans & Crocker Inc. lifted its position in shares of Globant by 1,182.4% in the second quarter. Winslow Evans & Crocker Inc. now owns 1,898 shares of the information technology services provider’s stock worth $192,000 after purchasing an additional 1,750 shares in the last quarter. Finally, Quantamental Technologies LLC purchased a new stake in shares of Globant in the first quarter worth approximately $150,000. Institutional investors own 79.27% of the company’s stock.

A number of analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Globant from a “buy” rating to a “hold” rating in a research report on Friday. Itau BBA Securities raised shares of Globant from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $74.00 to $113.00 in a research report on Friday, June 21st. Wedbush reissued an “outperform” rating and issued a $90.00 price target (up from $75.00) on shares of Globant in a research report on Wednesday, May 8th. Finally, Citigroup lowered shares of Globant from a “buy” rating to a “neutral” rating and increased their price target for the stock from $93.00 to $115.00 in a research report on Wednesday, July 17th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $88.00.

GLOB traded down $0.78 during midday trading on Friday, hitting $106.49. 5,607 shares of the company’s stock traded hands, compared to its average volume of 266,783. The stock has a market capitalization of $3.89 billion, a P/E ratio of 76.83 and a beta of 0.84. The company’s fifty day moving average price is $105.65. The company has a current ratio of 1.69, a quick ratio of 2.29 and a debt-to-equity ratio of 0.09. Globant SA has a one year low of $46.30 and a one year high of $112.33.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, May 9th. The information technology services provider reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Globant had a net margin of 9.77% and a return on equity of 16.35%. The firm had revenue of $146.15 million for the quarter, compared to analyst estimates of $145.23 million. During the same quarter last year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up 22.1% on a year-over-year basis. On average, equities analysts forecast that Globant SA will post 1.72 earnings per share for the current fiscal year.

Globant Profile

Globant SA, a technology services company, provides services related to application development, testing, infrastructure management, and application maintenance worldwide. The company offers machine learning, pattern recognition, natural language understanding, future of organizations, customer insight, behavioral change, product innovation, design thinking, product management discovery and delivery, and product coaching services.

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Institutional Ownership by Quarter for Globant (NYSE:GLOB)

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