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 13.37% to 5.02 million shares with purchase of 0.59 million shares. This fresh investment now brings its stake to 11.88% valued currently at $1.19 billion. In addition, Wasatch Advisors, Inc. raised its holdings by 0.1 million to 3.1 million shares. And Capital Research & Management Co has lifted its position by 0.04% or 492.0 shares – to 1.32 million shares.
With over 0.46 million Globant S.A. (GLOB) shares trading Friday and a closing price of $236.24 on the day, the dollar volume was approximately $107.97 million. The shares have shown a positive half year performance of 23.22% and its price on 01/12/24 gained nearly 3.55%. Currently, there are 42.27M common shares owned by the public and among those 41.30M shares have been available to trade.
The analysts have set the share’s price value over the next 12 months at a high of $275.00 and a low of $210.00. The average price target is 1.62% above its recent price level and a downside to the estimated low will see the stock lose -12.5% over that period. But an upside of 14.09% will see the stock hit the forecast high price target while median target price for the stock is $235.00.
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 3.7 million shares of the company’s stock, all valued at over $880.51 million. The company bought an additional 0.42 million shares recently to bring their total holdings to about 8.75% of the shares outstanding. American Funds Small Cap World Fu now owns shares totaling to 1.87% of the shares outstanding.
Shares of Globant S.A. (NYSE: GLOB) opened at $229.43, up $1.29 from a prior closing price of $228.14. However, the script later moved the day high at 237.62, up 3.55%. The company’s stock has a 5-day price change of 6.75% and 25.91% over the past three months. GLOB shares are trading -0.73% year to date (YTD), with the 12-month market performance up to 37.84% higher. It has a 12-month low price of $135.40 and touched a high of $250.39 over the same period. GLOB has an average intraday trading volume of 429.03K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.32%, 10.16%, and 26.74% respectively.
Institutional ownership of Globant S.A. (NYSE: GLOB) shares accounts for 98.84% of the company’s 42.27M shares outstanding. Mutual fund holders own 37.41%, while other institutional holders and individual stakeholders account for 62.88% and — respectively.
It has a market capitalization of $9.99B and a beta (3y monthly) value of 1.40. The stock’s trailing 12-month PE ratio is 65.82, while the earnings-per-share (ttm) stands at $3.59. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.44% over the week and 2.62% over the month.
Analysts forecast that Globant S.A. (GLOB) will achieve an EPS of $1.61 for the current quarter, $1.53 for the next quarter and $6.67 for 2024. The lowest estimate earnings-per-share for the quarter is $1.59 while analysts give the company a high EPS estimate of $1.64. Comparatively, EPS for the current quarter was $1.4 a year ago. Earnings per share for the fiscal year are expected to increase by 12.79%, and 15.45% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate Globant S.A. (GLOB) as a “Strong Buy” at a consensus score of 1.58. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 5 of the 19 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. Canaccord Genuity stated their Hold rating for the stock in a research note on December 06, 2023, with the firm’s price target at $230.
