Globant S.A. (NYSE:GLOB) Sees Large Increase in Short Interest

Globant S.A. (NYSE:GLOB) was the recipient of a large growth in short interest in October. As of October 31st, there was short interest totalling 2,600,000 shares, a growth of 12.6% from the October 15th total of 2,310,000 shares. Based on an average daily volume of 399,100 shares, the short-interest ratio is presently 6.5 days.

Analyst Ratings Changes

A number of research firms recently issued reports on GLOB. StockNews.com downgraded shares of Globant from a “hold” rating to a “sell” rating in a research note on Saturday. Needham & Company LLC raised their target price on Globant from $245.00 to $265.00 and gave the company a “buy” rating in a research note on Friday. Piper Sandler reduced their price target on Globant from $240.00 to $237.00 and set an “overweight” rating on the stock in a research note on Friday. Scotiabank raised their price objective on Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 21st. Finally, Jefferies Financial Group boosted their target price on shares of Globant from $235.00 to $240.00 and gave the company a “buy” rating in a report on Monday, September 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Globant currently has an average rating of “Moderate Buy” and an average target price of $228.50.

Globant Price Performance

Shares of NYSE:GLOB traded up $0.80 during trading on Monday, hitting $204.09. The company’s stock had a trading volume of 896,133 shares, compared to its average volume of 485,546. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of 53.08, a P/E/G ratio of 2.49 and a beta of 1.39. The company has a 50-day moving average of $208.98 and a 200-day moving average of $191.19. Globant has a 12 month low of $151.68 and a 12 month high of $251.50.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.01. The business had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. Globant had a net margin of 7.20% and a return on equity of 11.87%. The company’s revenue was up 18.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.04 EPS. As a group, research analysts anticipate that Globant will post 5.06 earnings per share for the current year.

Hedge Funds Weigh In On Globant

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System raised its stake in shares of Globant by 6.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 46,238 shares of the information technology services provider’s stock worth $9,335,000 after buying an additional 2,884 shares during the period. Orion Portfolio Solutions LLC increased its stake in shares of Globant by 5.6% in the first quarter. Orion Portfolio Solutions LLC now owns 14,966 shares of the information technology services provider’s stock worth $3,022,000 after purchasing an additional 794 shares in the last quarter. Jupiter Asset Management Ltd. raised its position in shares of Globant by 14.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 42,584 shares of the information technology services provider’s stock valued at $8,598,000 after purchasing an additional 5,441 shares during the period. Vanguard Group Inc. lifted its stake in shares of Globant by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock valued at $22,681,000 after buying an additional 8,267 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new position in Globant in the 1st quarter worth $577,000. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Globant Company Profile

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.