Globant S.A. (NYSE:GLOB) Short Interest Up 20.9% in May

Globant S.A. (NYSE:GLOB) was the target of a large growth in short interest in May. As of May 15th, there was short interest totalling 3,010,000 shares, a growth of 20.9% from the April 30th total of 2,490,000 shares. Based on an average daily trading volume, of 1,200,000 shares, the short-interest ratio is presently 2.5 days. Currently, 7.2% of the company’s stock are sold short.

Analyst Ratings Changes

A number of analysts recently commented on the company. Redburn Atlantic raised Globant from a “sell” rating to a “neutral” rating and boosted their target price for the company from $140.00 to $150.00 in a research report on Tuesday, February 25th. Canaccord Genuity Group cut their target price on Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research note on Monday, February 24th. Guggenheim dropped their price objective on Globant from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Friday, May 16th. Needham & Company LLC dropped their price objective on Globant from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, May 16th. Finally, JPMorgan Chase & Co. dropped their target price on Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $179.19.

Institutional Trading of Globant

Institutional investors have recently modified their holdings of the company. Invesco Ltd. lifted its holdings in Globant by 764.3% in the first quarter. Invesco Ltd. now owns 945,215 shares of the information technology services provider’s stock worth $111,271,000 after buying an additional 835,859 shares during the period. Royal Bank of Canada lifted its holdings in Globant by 293.5% in the first quarter. Royal Bank of Canada now owns 999,955 shares of the information technology services provider’s stock worth $117,716,000 after buying an additional 745,848 shares during the period. Westfield Capital Management Co. LP lifted its holdings in Globant by 209.0% in the first quarter. Westfield Capital Management Co. LP now owns 820,445 shares of the information technology services provider’s stock worth $96,583,000 after buying an additional 554,938 shares during the period. Nuveen LLC purchased a new stake in Globant in the first quarter worth about $58,163,000. Finally, Manning & Napier Advisors LLC lifted its holdings in Globant by 86.3% in the first quarter. Manning & Napier Advisors LLC now owns 907,659 shares of the information technology services provider’s stock worth $106,850,000 after buying an additional 420,382 shares during the period. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Globant Stock Up 1.4%

GLOB opened at $97.96 on Thursday. The business’s fifty day simple moving average is $110.99 and its 200 day simple moving average is $166.57. Globant has a 52 week low of $88.03 and a 52 week high of $238.32. The stock has a market cap of $4.31 billion, a PE ratio of 26.33, a P/E/G ratio of 2.38 and a beta of 1.37.

Globant (NYSE:GLOB) last posted its earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). The firm had revenue of $611.09 million for the quarter, compared to analysts’ expectations of $622.18 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.53 earnings per share. As a group, equities analysts anticipate that Globant will post 5.73 earnings per share for the current 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.