Wellington Management Group LLP Reduces Stake in Globant S.A. (NYSE:GLOB)

Wellington Management Group LLP decreased its stake in shares of Globant S.A. (NYSE:GLOB) by 6.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 89,765 shares of the information technology services provider’s stock after selling 6,092 shares during the period. Wellington Management Group LLP owned 0.21% of Globant worth $17,786,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Quarry LP lifted its holdings in Globant by 529.6% during the 2nd quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 143 shares in the last quarter. Ridgewood Investments LLC purchased a new stake in shares of Globant in the 2nd quarter valued at about $31,000. ORG Partners LLC raised its holdings in shares of Globant by 65.5% in the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock valued at $38,000 after acquiring an additional 76 shares in the last quarter. American National Bank & Trust raised its holdings in shares of Globant by 430.2% in the 3rd quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock valued at $45,000 after acquiring an additional 185 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in shares of Globant by 46.0% in the 3rd quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock valued at $58,000 after acquiring an additional 92 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Globant Price Performance

GLOB opened at $216.77 on Friday. The stock’s 50 day simple moving average is $219.37 and its 200 day simple moving average is $197.07. Globant S.A. has a 1 year low of $151.68 and a 1 year high of $251.50. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of 56.38, a PEG ratio of 2.72 and a beta of 1.37.

Analyst Ratings Changes

Several research firms have weighed in on GLOB. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $205.00 price target on shares of Globant in a report on Monday, November 18th. JPMorgan Chase & Co. raised their price target on Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. StockNews.com raised Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. Deutsche Bank Aktiengesellschaft initiated coverage on Globant in a report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 price target on the stock. Finally, Piper Sandler reduced their price objective on Globant from $240.00 to $237.00 and set an “overweight” rating on the stock in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Globant currently has a consensus rating of “Moderate Buy” and a consensus price target of $229.00.

About Globant

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.