Globant S.A. (NYSE:GLOB) Sees Significant Growth in Short Interest

Globant S.A. (NYSE:GLOB) was the recipient of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 2,290,000 shares, a growth of 18.7% from the February 13th total of 1,930,000 shares. Based on an average trading volume of 659,000 shares, the short-interest ratio is currently 3.5 days. Approximately 5.5% of the shares of the stock are short sold.

Globant Trading Down 0.3 %

Shares of GLOB stock opened at $135.55 on Wednesday. The firm has a fifty day moving average price of $188.02 and a 200 day moving average price of $204.36. The company has a market cap of $5.97 billion, a P/E ratio of 36.44, a PEG ratio of 2.38 and a beta of 1.47. Globant has a 12 month low of $128.76 and a 12 month high of $238.32.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). The firm had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. On average, equities analysts forecast that Globant will post 5.73 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GLOB shares. JPMorgan Chase & Co. reduced their price target on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Redburn Atlantic raised Globant from a “sell” rating to a “neutral” rating and boosted their target price for the company from $140.00 to $150.00 in a research report on Tuesday, February 25th. UBS Group cut their target price on Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 target price on shares of Globant in a research report on Wednesday, March 12th. Finally, Scotiabank cut their target price on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a research report on Monday, February 24th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Globant currently has an average rating of “Moderate Buy” and a consensus target price of $221.39.

Hedge Funds Weigh In On Globant

A number of institutional investors and hedge funds have recently modified their holdings of the company. GQG Partners LLC acquired a new position in Globant in the fourth quarter valued at $84,906,000. Canada Pension Plan Investment Board acquired a new position in Globant in the fourth quarter valued at $60,913,000. JPMorgan Chase & Co. boosted its stake in Globant by 8.6% in the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after acquiring an additional 203,472 shares in the last quarter. Capital International Investors boosted its stake in Globant by 13.1% in the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock valued at $364,723,000 after acquiring an additional 197,064 shares in the last quarter. Finally, abrdn plc boosted its stake in Globant by 36.7% in the fourth quarter. abrdn plc now owns 470,150 shares of the information technology services provider’s stock valued at $101,564,000 after acquiring an additional 126,333 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

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.