Globant S.A. (NYSE:GLOB) Short Interest Down 5.7% in August

Globant S.A. (NYSE:GLOB) was the recipient of a large 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 daily volume of 500,900 shares, the short-interest ratio is currently 3.9 days.

Analyst Ratings Changes

A number of research firms have commented on GLOB. Canaccord Genuity Group upped their price target on Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Citigroup boosted their price target on shares of Globant from $215.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Mizuho lowered their target price on shares of Globant from $279.00 to $252.00 and set a “buy” rating for the company in a research note on Wednesday, May 22nd. Piper Sandler restated an “overweight” rating and issued a $240.00 price target (up from $238.00) on shares of Globant in a research note on Friday, August 16th. Finally, TD Cowen upped their price objective on Globant from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and a consensus price target of $222.90.

Institutional Investors Weigh In On Globant

Several institutional investors and hedge funds have recently made changes to their positions in GLOB. Sanctuary Advisors LLC purchased a new stake in Globant in the 2nd quarter valued at approximately $474,000. Clearbridge Investments LLC raised its holdings in shares of Globant by 28.4% in the second quarter. Clearbridge Investments LLC now owns 339,790 shares of the information technology services provider’s stock worth $60,571,000 after acquiring an additional 75,192 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Globant by 5.9% in the second quarter. Cetera Investment Advisers now owns 21,327 shares of the information technology services provider’s stock valued at $3,802,000 after acquiring an additional 1,187 shares in the last quarter. Quarry LP boosted its stake in shares of Globant by 529.6% during the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 143 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Globant by 89.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock worth $47,450,000 after purchasing an additional 126,030 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Globant Price Performance

Shares of Globant stock opened at $191.21 on Thursday. The firm’s fifty day simple moving average is $195.38 and its 200-day simple moving average is $187.28. Globant has a 12 month low of $151.68 and a 12 month high of $251.50. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 50.19, a PEG ratio of 2.49 and a beta of 1.40.

Globant (NYSE:GLOB) last posted 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. Globant had a net margin of 7.39% and a return on equity of 11.68%. The company had revenue of $587.46 million for the quarter, compared to analyst estimates of $586.72 million. During the same period in the previous year, the business posted $1.04 earnings per share. Globant’s quarterly revenue was up 18.1% on a year-over-year basis. Analysts anticipate that Globant will post 5.01 earnings per share for the current 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.