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

Globant S.A. (NYSE:GLOB) was the recipient of a large growth in short interest in the month of November. As of November 30th, there was short interest totalling 2,450,000 shares, a growth of 8.9% from the November 15th total of 2,250,000 shares. Based on an average daily trading volume, of 443,900 shares, the days-to-cover ratio is currently 5.5 days.

Globant Stock Up 1.8 %

GLOB traded up $3.96 during midday trading on Tuesday, hitting $222.89. The company had a trading volume of 44,331 shares, compared to its average volume of 477,741. Globant has a 52 week low of $151.68 and a 52 week high of $251.50. The stock’s 50 day moving average price is $220.34 and its 200 day moving average price is $198.28. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 57.16, a PEG ratio of 2.72 and a beta of 1.37.

Hedge Funds Weigh In On Globant

A number of hedge funds have recently added to or reduced their stakes in GLOB. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Globant by 9.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,605 shares of the information technology services provider’s stock valued at $1,712,000 after acquiring an additional 807 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Globant by 17.9% in the 2nd quarter. Blue Trust Inc. now owns 831 shares of the information technology services provider’s stock worth $148,000 after buying an additional 126 shares during the last quarter. Sara Bay Financial grew its position in Globant by 1.6% during the second quarter. Sara Bay Financial now owns 43,585 shares of the information technology services provider’s stock valued at $7,769,000 after buying an additional 670 shares during the period. Verdence Capital Advisors LLC raised its position in Globant by 15.9% in the second quarter. Verdence Capital Advisors LLC now owns 4,963 shares of the information technology services provider’s stock worth $885,000 after acquiring an additional 682 shares during the period. Finally, Liontrust Investment Partners LLP raised its stake in Globant by 67.1% in the 2nd quarter. Liontrust Investment Partners LLP now owns 8,038 shares of the information technology services provider’s stock valued at $1,433,000 after acquiring an additional 3,228 shares during the period. Institutional investors and hedge funds own 91.60% of the company’s stock.

Analyst Ratings Changes

GLOB has been the subject of a number of analyst reports. Canaccord Genuity Group reissued a “hold” rating and set a $205.00 price objective on shares of Globant in a report on Monday, November 18th. UBS Group reiterated a “neutral” rating and issued a $235.00 price target (up from $225.00) on shares of Globant in a research report on Tuesday, August 20th. TD Cowen boosted their price objective on shares of Globant from $230.00 to $240.00 and gave the company a “buy” rating in a report on Friday, November 15th. Scotiabank upped their price objective on shares of Globant from $210.00 to $220.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Globant in a research note on Thursday, August 22nd. They issued a “hold” rating and a $210.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $230.44.

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.