Globant SA (NYSE:GLOB) Sees Large Decline in Short Interest

Globant SA (NYSE:GLOB) was the target of a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 1,672,200 shares, a decrease of 13.6% from the June 30th total of 1,935,300 shares. Based on an average daily volume of 404,400 shares, the short-interest ratio is presently 4.1 days. Currently, 4.8% of the shares of the stock are sold short.

Several equities analysts recently commented on the stock. Wedbush reissued an “outperform” rating and issued a $90.00 price objective (up previously from $75.00) on shares of Globant in a research note on Wednesday, May 8th. Zacks Investment Research downgraded shares of Globant from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. Itau BBA Securities raised shares of Globant from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $74.00 to $113.00 in a research note on Friday, June 21st. Finally, Citigroup downgraded shares of Globant from a “buy” rating to a “neutral” rating and increased their price objective for the company from $93.00 to $115.00 in a research note on Wednesday, July 17th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $88.00.

Several institutional investors and hedge funds have recently bought and sold shares of GLOB. Legal & General Group Plc boosted its holdings in Globant by 139.8% in the fourth quarter. Legal & General Group Plc now owns 31,438 shares of the information technology services provider’s stock valued at $1,771,000 after purchasing an additional 18,330 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Globant by 27.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 498,392 shares of the information technology services provider’s stock valued at $28,070,000 after buying an additional 106,241 shares in the last quarter. Norges Bank acquired a new stake in Globant during the fourth quarter valued at approximately $15,761,000. Calamos Advisors LLC acquired a new stake in Globant during the first quarter valued at approximately $2,998,000. Finally, Brookstone Capital Management raised its stake in Globant by 12.4% during the first quarter. Brookstone Capital Management now owns 5,919 shares of the information technology services provider’s stock valued at $423,000 after buying an additional 653 shares in the last quarter. Institutional investors own 79.31% of the company’s stock.



Shares of GLOB stock traded down $2.37 during trading hours on Friday, hitting $98.74. 733,657 shares of the company’s stock traded hands, compared to its average volume of 300,082. The stock’s 50 day simple moving average is $105.81 and its 200 day simple moving average is $86.61. The stock has a market cap of $3.84 billion, a PE ratio of 71.04 and a beta of 0.84. Globant has a 12 month low of $46.30 and a 12 month high of $112.33. The company has a quick ratio of 2.29, a current ratio of 1.69 and a debt-to-equity ratio of 0.09.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.01). Globant had a net margin of 9.77% and a return on equity of 16.35%. The business had revenue of $157.50 million for the quarter, compared to the consensus estimate of $157.50 million. During the same period in the previous year, the business posted $0.40 EPS. Globant’s revenue was up 23.0% on a year-over-year basis. As a group, equities research analysts expect that Globant will post 1.72 EPS for the current fiscal year.

Globant Company Profile

Globant SA, a technology services company, provides services related to application development, testing, infrastructure management, and application maintenance worldwide. The company offers machine learning, pattern recognition, natural language understanding, future of organizations, customer insight, behavioral change, product innovation, design thinking, product management discovery and delivery, and product coaching services.

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