Here’s Why You Should Hold Globant, S.A. (GLOB)
Baron Funds, an investment management company, released its “Baron FinTech Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund gained 4.98% (Institutional Shares) compared to a 7.56% gain for the S&P 500 benchmark index and a 3.91% return for the FactSet Global FinTech Index. Favorable stock selection in Information Services, Payments, and Capital Markets contributed to the gains of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron FinTech Fund highlighted stocks like Globant S.A. (NYSE:GLOB) in its Q4 2022 investor letter. Based in Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On February 17, 2023, Globant S.A. (NYSE:GLOB) stock closed at $173.00 per share. One-month return of Globant S.A. (NYSE:GLOB) was 5.38%, and its shares lost 33.32% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $7.227 billion.
Baron FinTech Fund made the following comment about Globant S.A. (NYSE:GLOB) in its Q4 2022 investor letter:
“Globant S.A. (NYSE:GLOB) provides outsourced software development, design, and digital marketing services for business customers. Shares fell despite strong business momentum, with 34% revenue growth and 30% EPS growth in the recent quarter and slightly higher full-year guidance. The share price decline likely reflected slower guidance for next quarter and concern about macroeconomic uncertainty weighing on client demand. We continue to own the stock because we believe Globant has a long runway for growth in a large global market for IT services.”
Globant S.A. (NYSE:GLOB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of the third quarter, which was 18 in the previous quarter.
We discussed Globant S.A. (NYSE:GLOB) in another article and shared Polen International Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
