Globant S.A. (NYSE:GLOB) Short Interest Update

Globant S.A. (NYSE:GLOB) was the recipient of a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 1,970,000 shares, a drop of 5.7% from the August 15th total of 2,090,000 shares. Based on an average trading volume of 500,900 shares, the short-interest ratio is presently 3.9 days.

Institutional Trading of Globant

A number of hedge funds have recently modified their holdings of GLOB. 17 Capital Partners LLC increased its position in shares of Globant by 1.6% during the 2nd quarter. 17 Capital Partners LLC now owns 3,455 shares of the information technology services provider’s stock valued at $616,000 after purchasing an additional 55 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Globant by 3.9% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 2,140 shares of the information technology services provider’s stock worth $432,000 after acquiring an additional 81 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Globant by 5.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,800 shares of the information technology services provider’s stock worth $428,000 after buying an additional 100 shares during the period. Franklin Resources Inc. increased its stake in Globant by 0.9% in the 4th quarter. Franklin Resources Inc. now owns 12,672 shares of the information technology services provider’s stock worth $3,016,000 after buying an additional 111 shares during the period. Finally, Parkside Financial Bank & Trust increased its stake in Globant by 6.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,977 shares of the information technology services provider’s stock worth $352,000 after buying an additional 118 shares during the period. Institutional investors own 91.60% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the company. Canaccord Genuity Group raised their price objective on Globant from $175.00 to $205.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. The Goldman Sachs Group initiated coverage on Globant in a research report on Monday, June 24th. They set a “buy” rating and a $200.00 price objective on the stock. Piper Sandler restated an “overweight” rating and issued a $240.00 target price (up previously from $238.00) on shares of Globant in a research report on Friday, August 16th. Jefferies Financial Group lifted their price objective on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Finally, Redburn Atlantic started coverage on Globant in a research note on Friday, May 24th. They issued a “sell” rating and a $135.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Globant currently has an average rating of “Moderate Buy” and an average target price of $222.90.

Globant Stock Performance

NYSE GLOB opened at $192.41 on Wednesday. Globant has a 52-week low of $151.68 and a 52-week high of $251.50. The company has a 50-day simple moving average of $195.12 and a 200 day simple moving average of $187.26. The company has a market capitalization of $8.29 billion, a PE ratio of 50.50, a price-to-earnings-growth ratio of 2.49 and a beta of 1.40.

Globant (NYSE:GLOB) last released its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The company had revenue of $587.46 million during the quarter, compared to analyst estimates of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. Globant’s revenue was up 18.1% compared to the same quarter last year. During the same period last year, the business earned $1.04 earnings per share. As a group, analysts forecast that Globant will post 5.01 EPS for the current fiscal year.

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.