Globant S.A. (NYSE:GLOB) Short Interest Up 18.7% in February

Globant S.A. (NYSE:GLOB) was the target 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. Approximately 5.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 659,000 shares, the days-to-cover ratio is presently 3.5 days.

Institutional Investors Weigh In On Globant

Institutional investors have recently modified their holdings of the stock. GQG Partners LLC bought a new position in shares of Globant during the fourth quarter valued at $84,906,000. Canada Pension Plan Investment Board bought a new position in shares of Globant during the fourth quarter valued at $60,913,000. JPMorgan Chase & Co. lifted its holdings in shares of Globant by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after purchasing an additional 203,472 shares in the last quarter. Capital International Investors lifted its holdings in shares of Globant by 13.1% during the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock valued at $364,723,000 after purchasing an additional 197,064 shares in the last quarter. Finally, abrdn plc lifted its holdings in shares of Globant by 36.7% during the fourth quarter. abrdn plc now owns 470,150 shares of the information technology services provider’s stock valued at $101,564,000 after purchasing an additional 126,333 shares in the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Stock Down 3.7 %

Shares of Globant stock opened at $128.89 on Friday. The company has a market cap of $5.67 billion, a PE ratio of 34.65, a P/E/G ratio of 2.38 and a beta of 1.47. The business has a 50 day moving average of $184.75 and a 200 day moving average of $203.34. Globant has a 52 week low of $124.53 and a 52 week high of $238.32.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). The business had revenue of $642.48 million for the quarter, compared to the consensus estimate of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. On average, research analysts anticipate that Globant will post 5.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on GLOB shares. JPMorgan Chase & Co. reduced their target price on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Piper Sandler cut their price objective on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a report on Friday, February 21st. 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. Needham & Company LLC restated a “buy” rating and issued a $220.00 target price on shares of Globant in a research report on Wednesday, March 12th. Finally, Susquehanna assumed coverage on Globant in a research report on Tuesday, December 17th. They issued a “positive” rating and a $255.00 target price for the company. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $219.71.

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.