T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in Globant S.A. (NYSE:GLOB). The institutional investor has increased its shareholding in the Technology company by 150.16% to 2.67 million shares with purchase of 1.6 million shares. This fresh investment now brings its stake to 6.39% valued currently at $449.05 million. In addition, JPMorgan Investment Management, I raised its holdings by 57519.0 to 2.53 million shares.
With over 0.39 million Globant S.A. (GLOB) shares trading Friday and a closing price of $168.26 on the day, the dollar volume was approximately $66.17 million. The shares have shown a negative half year performance of -2.36% and its price on 01/13/23 lost nearly -2.94%. Currently, there are 41.98M common shares owned by the public and among those 41.03M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for GLOB have a consensus price objective of $229.67. The analysts have set the share’s price value over the next 12 months at a high of $260.00 and a low of $204.00. The average price target is 29.51% above its recent price level and an upside to the estimated low will see the stock gain 17.52% over that period. But an upside of 35.28% will see the stock hit the forecast high price target while median target price for the stock is $232.00.
The top 3 mutual fund holders in Globant S.A. are T Rowe Price New Horizons Fund, BlackRock Mid Cap Growth Equity P, and American Funds Small Cap World Fu. T Rowe Price New Horizons Fund owns 2.09 million shares of the company’s stock, all valued at over $351.58 million. The company bought an additional 1.33 million shares recently to bring their total holdings to about 5.01% of the shares outstanding. American Funds Small Cap World Fu now owns shares totaling to 1.88% of the shares outstanding.
Shares of Globant S.A. (NYSE: GLOB) opened at $170.18, down -$3.18 from a prior closing price of $173.36. However, the script later moved the day high at 172.22, down -2.94%. The company’s stock has a 5-day price change of 4.98% and -2.64% over the past three months. GLOB shares are trading 0.06% year to date (YTD), with the 12-month market performance down to -37.57% lower. It has a 12-month low price of $154.82 and touched a high of $286.63 over the same period. GLOB has an average intraday trading volume of 285.69K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.68%, -3.27%, and -13.92% respectively.
Institutional ownership of Globant S.A. (NYSE: GLOB) shares accounts for 99.20% of the company’s 41.98M shares outstanding. Mutual fund holders own 39.45%, while other institutional holders and individual stakeholders account for 58.04% and — respectively.
It has a market capitalization of $7.26B and a beta (3y monthly) value of 1.43. The stock’s trailing 12-month PE ratio is 51.90, while the earnings-per-share (ttm) stands at $3.24. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.73% over the week and 3.88% over the month.
Analysts forecast that Globant S.A. (GLOB) will achieve an EPS of $1.26 for the current quarter, $1.39 for the next quarter and $6.22 for 2023. The lowest estimate earnings-per-share for the quarter is $1.24 while analysts give the company a high EPS estimate of $1.3. Comparatively, EPS for the current quarter was $0.98 a year ago. Earnings per share for the fiscal year are expected to increase by 67.30%, and 19.74% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Globant S.A. (GLOB) as a “Strong Buy” at a consensus score of 1.60. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 0 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GLOB, a number of firms have released research notes about the stock. KeyBanc Capital Markets stated their Overweight rating for the stock in a research note on September 13, 2022, with the firm’s price target at $291. Goldman coverage for the Globant S.A. (GLOB) stock in a research note released on September 21, 2021 offered a Buy rating with a price target of $395. Jefferies was of a view on August 03, 2021 that the stock is Buy, while Piper Sandler gave the stock Overweight rating on July 28, 2021, issuing a price target of $221- $280. Citigroup on their part issued Buy rating on May 14, 2021.
