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Should You Add Globant S.A. (GLOB) to Your Portfolio?

Polen Capital, an investment management company, released its “Polen Global Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund increased 8.10% gross and 7.81% net, respectively, trailing the MSCI ACW Index’s 8.20% return. The market dynamics that were in place at the end of last year persisted in many respects during the first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Polen Global Growth Strategy featured stocks like Globant S.A. (NYSE:GLOB) in the first quarter 2024 investor letter. Based in Luxembourg, Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On April 19, 2024, Globant S.A. (NYSE:GLOB) stock closed at $179.29 per share. One-month return of Globant S.A. (NYSE:GLOB) was -9.40%, and its shares gained 16.42% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $7.735 billion.

Polen Global Growth Strategy stated the following regarding Globant S.A. (NYSE:GLOB) in its first quarter 2024 investor letter:

"Finally, we added to our existing position in Globant S.A. (NYSE:GLOB) with the proceeds from trimming back our Accenture position. We think this is prudent because Globant’s valuation isn’t much higher than Accenture’s, but it should be able to grow EPS faster at ~20%+ over the next five years. We see both as excellent businesses benefiting from similar tailwinds behind the increasing need for trusted third party IT services providers and continue to feel good about holding both companies for the long term."

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Globant S.A. (NYSE:GLOB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Globant S.A. (NYSE:GLOB) was held by 26 hedge fund portfolios, down from 20 in the previous quarter, according to our database.

We previously discussed Globant S.A. (NYSE:GLOB) in another article, where we shared the list of best high-growth IT stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.