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

Globant S.A. (NYSE:GLOB) saw a large decrease in short interest in August. As of August 31st, there was short interest totalling 1,970,000 shares, a decrease of 5.7% from the August 15th total of 2,090,000 shares. Based on an average daily trading volume, of 500,900 shares, the short-interest ratio is presently 3.9 days.

Institutional Investors Weigh In On Globant

A number of hedge funds have recently modified their holdings of GLOB. Wasatch Advisors LP boosted its stake in Globant by 6.8% during the first quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock worth $673,693,000 after buying an additional 213,049 shares during the last quarter. Capital International Investors raised its stake in Globant by 0.5% during the fourth quarter. Capital International Investors now owns 1,323,859 shares of the information technology services provider’s stock worth $315,052,000 after purchasing an additional 6,707 shares during the period. Manning & Napier Advisors LLC acquired a new position in Globant in the 2nd quarter valued at about $99,396,000. Sei Investments Co. grew its stake in shares of 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 during the period. Finally, Norges Bank acquired a new stake in shares of Globant during the 4th quarter worth approximately $114,922,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Globant Stock Performance

Shares of NYSE GLOB opened at $191.21 on Thursday. The firm has a fifty day moving average of $195.38 and a 200 day moving average of $187.28. The firm has a market cap of $8.24 billion, a PE ratio of 50.19, a PEG ratio of 2.49 and a beta of 1.40. Globant has a one year low of $151.68 and a one year high of $251.50.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The firm had revenue of $587.46 million during the quarter, compared to the consensus estimate of $586.72 million. During the same quarter in the prior year, the firm earned $1.04 EPS. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, equities analysts predict that Globant will post 5.01 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on GLOB shares. Piper Sandler reissued an “overweight” rating and issued a $240.00 price target (up previously from $238.00) on shares of Globant in a report on Friday, August 16th. The Goldman Sachs Group initiated coverage on shares of Globant in a research note on Monday, June 24th. They issued a “buy” rating and a $200.00 target price for the company. TD Cowen upped their price target on shares of Globant from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Jefferies Financial Group lifted their price objective on shares of Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Finally, Citigroup boosted their price objective on shares of Globant from $215.00 to $220.00 and gave the company a “buy” rating in a report on Friday, July 12th. 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.90.

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.