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

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

Hedge Funds Weigh In On Globant

A number of large investors have recently made changes to their positions in GLOB. Wealth Enhancement Advisory Services LLC purchased a new position in Globant in the 4th quarter worth $274,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Globant during the 4th quarter valued at about $18,828,000. Jefferies Financial Group Inc. raised its stake in shares of Globant by 5.6% during the 4th quarter. Jefferies Financial Group Inc. now owns 16,400 shares of the information technology services provider’s stock valued at $3,516,000 after buying an additional 870 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Globant by 163.4% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock valued at $26,266,000 after buying an additional 76,000 shares during the last quarter. Finally, Vident Advisory LLC purchased a new position in shares of Globant during the 4th quarter valued at about $235,000. 91.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. JPMorgan Chase & Co. lowered their target price on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Canaccord Genuity Group decreased their target price on shares of Globant from $205.00 to $165.00 and set a “hold” rating for the company in a research report on Monday, February 24th. StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a research report on Sunday, November 24th. Piper Sandler cut their price target on Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Finally, Scotiabank cut their price target on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $221.39.

Globant Price Performance

Shares of NYSE GLOB opened at $135.55 on Wednesday. The business’s 50 day moving average is $188.02 and its two-hundred day moving average is $204.36. Globant has a 1-year low of $128.76 and a 1-year high of $238.32. The stock has a market capitalization of $5.97 billion, a P/E ratio of 36.44, a PEG ratio of 2.38 and a beta of 1.47.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). The firm had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. As a group, equities research analysts anticipate that Globant will post 5.73 earnings per share for the current fiscal year.

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.