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

Globant S.A. (NYSE:GLOB) was the target of a large growth in short interest in the month of 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 days-to-cover ratio is presently 6.5 days.

Globant Stock Performance

GLOB traded down $2.43 during trading hours on Monday, reaching $200.86. The company’s stock had a trading volume of 205,585 shares, compared to its average volume of 482,422. Globant has a 52 week low of $151.68 and a 52 week high of $251.50. The company’s 50-day moving average is $208.98 and its 200-day moving average is $191.19. The firm has a market cap of $8.66 billion, a PE ratio of 53.08, a price-to-earnings-growth ratio of 2.49 and a beta of 1.39.

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Scotiabank boosted their target price on Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 21st. JPMorgan Chase & Co. boosted their target price on Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Piper Sandler cut their target price on Globant from $240.00 to $237.00 and set an “overweight” rating on the stock in a research note on Friday. Canaccord Genuity Group restated a “hold” rating and issued a $205.00 target price on shares of Globant in a research note on Monday. Finally, Jefferies Financial Group boosted their target price on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Globant has a consensus rating of “Moderate Buy” and a consensus price target of $228.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wasatch Advisors LP grew its holdings in Globant by 2.6% in the 3rd quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after buying an additional 88,829 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Globant by 1,817.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after buying an additional 1,431,112 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in Globant in the 2nd quarter valued at $99,396,000. Sei Investments Co. grew its holdings in Globant by 43.4% in the 2nd quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock valued at $91,432,000 after buying an additional 155,112 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Globant by 57.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after buying an additional 161,512 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

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.