Short Interest in Globant S.A. (NYSE:GLOB) Increases By 8.9%

Globant S.A. (NYSE:GLOB) was the target of a large increase in short interest in November. As of November 30th, there was short interest totalling 2,450,000 shares, an increase 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 short-interest ratio is presently 5.5 days.

Globant Stock Performance

Shares of Globant stock traded up $3.96 on Tuesday, hitting $222.89. 44,331 shares of the company traded hands, compared to its average volume of 477,741. The stock has a market capitalization of $9.60 billion, a P/E ratio of 57.16, a price-to-earnings-growth ratio of 2.72 and a beta of 1.37. Globant has a 52 week low of $151.68 and a 52 week high of $251.50. The business has a 50-day simple moving average of $220.34 and a 200 day simple moving average of $198.28.

Institutional Investors Weigh In On Globant

Several institutional investors and hedge funds have recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. boosted its stake in Globant by 9.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,605 shares of the information technology services provider’s stock worth $1,712,000 after buying an additional 807 shares during the period. Blue Trust Inc. boosted its stake in Globant by 17.9% during the second 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 period. Sara Bay Financial boosted its stake 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 worth $7,769,000 after buying an additional 670 shares during the period. Verdence Capital Advisors LLC boosted its stake in Globant by 15.9% during the second quarter. Verdence Capital Advisors LLC now owns 4,963 shares of the information technology services provider’s stock worth $885,000 after buying an additional 682 shares during the period. Finally, Liontrust Investment Partners LLP boosted its stake in Globant by 67.1% during the second quarter. Liontrust Investment Partners LLP now owns 8,038 shares of the information technology services provider’s stock worth $1,433,000 after buying an additional 3,228 shares during the period. Institutional investors own 91.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Jefferies Financial Group increased their price target on shares of Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research report on Monday, September 9th. Scotiabank increased their price target 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. Susquehanna started coverage on shares of Globant in a research report on Tuesday. They set a “positive” rating and a $255.00 price target for the company. Finally, TD Cowen upped their price objective on shares of Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Globant presently has an average rating of “Moderate Buy” and a consensus price target 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.