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

Globant S.A. (NYSE:GLOB) saw a large increase in short interest in October. As of October 31st, there was short interest totalling 2,600,000 shares, an increase 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 currently 6.5 days.

Analyst Upgrades and Downgrades

GLOB has been the topic of several analyst reports. StockNews.com lowered Globant from a “hold” rating to a “sell” rating in a report on Saturday. JPMorgan Chase & Co. increased their target price on Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Needham & Company LLC increased their target price on Globant from $245.00 to $265.00 and gave the stock a “buy” rating in a report on Friday. TD Cowen increased their target price on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday. Finally, KeyCorp increased their target price on Globant from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Globant has an average rating of “Moderate Buy” and a consensus price target of $228.50.

Globant Stock Down 1.2 %

Globant stock traded down $2.43 during trading hours on Monday, hitting $200.86. The stock had a trading volume of 205,585 shares, compared to its average volume of 482,422. The stock has a market cap of $8.66 billion, a price-to-earnings ratio of 53.08, a P/E/G ratio of 2.49 and a beta of 1.39. Globant has a one year low of $151.68 and a one year high of $251.50. The business’s 50 day simple moving average is $208.98 and its 200-day simple moving average is $191.19.

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

Hedge Funds Weigh In On Globant

Several large investors have recently bought and sold shares of the company. M&T Bank Corp raised its position in Globant by 3.8% in the third quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock valued at $326,000 after purchasing an additional 60 shares during the last quarter. Barclays PLC raised its position in Globant by 132.9% in the third quarter. Barclays PLC now owns 22,537 shares of the information technology services provider’s stock valued at $4,467,000 after purchasing an additional 12,862 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Globant in the third quarter valued at about $12,637,000. Pier Capital LLC raised its position in shares of Globant by 96.1% during the third quarter. Pier Capital LLC now owns 45,550 shares of the information technology services provider’s stock worth $9,025,000 after acquiring an additional 22,318 shares during the last quarter. Finally, National Bank of Canada FI raised its position in shares of Globant by 3.3% during the third quarter. National Bank of Canada FI now owns 3,816 shares of the information technology services provider’s stock worth $756,000 after acquiring an additional 122 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors.

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.