Short Interest in Globant S.A. (NYSE:GLOB) Drops By 12.6%
Globant S.A. (NYSE:GLOB – Get Rating) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 944,400 shares, a drop of 12.6% from the August 15th total of 1,080,000 shares. Currently, 2.3% of the shares of the company are sold short. Based on an average trading volume of 340,900 shares, the days-to-cover ratio is currently 2.8 days.
Wall Street Analyst Weigh In
Several research analysts recently commented on GLOB shares. The Goldman Sachs Group dropped their target price on shares of Globant from $360.00 to $280.00 and set a “buy” rating on the stock in a report on Tuesday, July 5th. Cowen lifted their target price on shares of Globant from $220.00 to $248.00 and gave the stock an “outperform” rating in a report on Friday, August 19th. KeyCorp initiated coverage on shares of Globant in a research report on Monday, September 12th. They issued an “overweight” rating and a $291.00 price target on the stock. Cowen raised their price target on shares of Globant from $220.00 to $248.00 and gave the stock an “outperform” rating in a research report on Friday, August 19th. Finally, Piper Sandler raised their price target on shares of Globant from $231.00 to $249.00 and gave the stock an “overweight” rating in a research report on Friday, August 19th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Globant presently has an average rating of “Moderate Buy” and an average price target of $268.71.
Institutional Trading of Globant
Several institutional investors have recently made changes to their positions in the business. MGO One Seven LLC boosted its position in shares of Globant by 1.9% during the 2nd quarter. MGO One Seven LLC now owns 2,648 shares of the information technology services provider’s stock valued at $461,000 after acquiring an additional 50 shares in the last quarter. Xponance Inc. lifted its holdings in Globant by 1.1% during the 1st quarter. Xponance Inc. now owns 4,588 shares of the information technology services provider’s stock valued at $1,202,000 after purchasing an additional 51 shares during the last quarter. Cim LLC lifted its holdings in Globant by 1.1% during the 1st quarter. Cim LLC now owns 5,194 shares of the information technology services provider’s stock valued at $1,230,000 after purchasing an additional 54 shares during the last quarter. Private Advisor Group LLC lifted its holdings in Globant by 5.2% during the 1st quarter. Private Advisor Group LLC now owns 1,283 shares of the information technology services provider’s stock valued at $336,000 after purchasing an additional 63 shares during the last quarter. Finally, ARK Investment Management LLC lifted its holdings in Globant by 10.8% during the 1st quarter. ARK Investment Management LLC now owns 688 shares of the information technology services provider’s stock valued at $180,000 after purchasing an additional 67 shares during the last quarter. 88.96% of the stock is currently owned by institutional investors and hedge funds.
Globant Stock Performance
Shares of Globant stock opened at $209.02 on Friday. The firm’s 50-day simple moving average is $210.47 and its 200-day simple moving average is $212.68. Globant has a twelve month low of $159.56 and a twelve month high of $354.62. The firm has a market cap of $8.76 billion, a P/E ratio of 69.44 and a beta of 1.46.
Globant (NYSE:GLOB – Get Rating) last issued its earnings results on Thursday, August 18th. The information technology services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.02. Globant had a net margin of 8.26% and a return on equity of 11.53%. The business had revenue of $429.30 million for the quarter, compared to analyst estimates of $426.22 million. During the same period in the previous year, the business earned $0.71 EPS. The firm’s revenue was up 40.6% on a year-over-year basis. On average, equities analysts forecast that Globant will post 4.06 earnings per share for the current fiscal year.
Globant SA operates as a technology services company worldwide. It offers e-commerce, new distribution capabilities, augmented revenue management, hyper connected operation, and conversational user experience services through reinvention studios; digital lending, commercial effectiveness, finance, sustainability, regulation analytic, transformation and post-merger integration, and payment and open banking services; and game and graphic engineering, UI and UX design, game as a service, DevOps, and online services, as well as high tech tools.
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