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

Globant S.A. (NYSE:GLOB) was the recipient of a large growth in short interest in 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 daily volume of 659,000 shares, the short-interest ratio is currently 3.5 days. Currently, 5.5% of the company’s stock are sold short.

Institutional Investors Weigh In On Globant

Several institutional investors have recently made changes to their positions in GLOB. GQG Partners LLC purchased a new stake in shares of Globant during the fourth quarter worth $84,906,000. Canada Pension Plan Investment Board purchased a new stake in shares of Globant during the fourth quarter worth $60,913,000. JPMorgan Chase & Co. increased its holdings in shares of 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 worth $551,506,000 after purchasing an additional 203,472 shares during the period. Capital International Investors increased its holdings in shares of 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 worth $364,723,000 after purchasing an additional 197,064 shares during the period. Finally, abrdn plc increased its holdings in shares of Globant by 36.7% in the fourth quarter. abrdn plc now owns 470,150 shares of the information technology services provider’s stock worth $101,564,000 after purchasing an additional 126,333 shares during the period. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GLOB. Susquehanna began coverage on Globant in a report on Tuesday, December 17th. They set a “positive” rating and a $255.00 price objective for the company. UBS Group decreased their price objective on Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Scotiabank decreased their price objective on Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a report on Monday, February 24th. Jefferies Financial Group boosted their price objective on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Redburn Atlantic raised Globant from a “sell” rating to a “neutral” rating and upped their target price for the company from $140.00 to $150.00 in a report on Tuesday, February 25th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $219.71.

Globant Trading Down 1.3 %

Globant stock opened at $133.90 on Thursday. Globant has a 12 month low of $128.76 and a 12 month high of $238.32. The business’s 50 day simple moving average is $186.43 and its 200 day simple moving average is $203.86. The company has a market cap of $5.90 billion, a price-to-earnings ratio of 36.00, a PEG ratio of 2.38 and a beta of 1.47.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate 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 forecast that Globant will post 5.73 earnings per share for the current fiscal 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.