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

Globant S.A. (NYSE:GLOB) was the recipient of a large increase in short interest in the month of 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 days-to-cover ratio is presently 5.5 days.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Oddo BHF Asset Management Sas acquired a new stake in Globant during the 3rd quarter worth about $10,814,000. Franklin Resources Inc. lifted its position in shares of Globant by 0.6% in the third quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock worth $2,704,000 after purchasing an additional 71 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Globant during the third quarter worth approximately $40,000. Sanctuary Advisors LLC grew its position in Globant by 26.2% during the third quarter. Sanctuary Advisors LLC now owns 3,312 shares of the information technology services provider’s stock valued at $656,000 after purchasing an additional 688 shares in the last quarter. Finally, M&T Bank Corp increased its stake in Globant by 3.8% in the 3rd quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock valued at $326,000 after buying an additional 60 shares during the period. 91.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on GLOB. Citigroup boosted their price objective on Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Scotiabank increased their target price on shares of Globant from $210.00 to $220.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Needham & Company LLC upped their price objective on Globant from $245.00 to $265.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Jefferies Financial Group boosted their target price on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a report on Monday, September 9th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globant in a report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 target price on the stock. 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 company. According to data from MarketBeat, Globant presently has a consensus rating of “Moderate Buy” and an average price target of $230.44.

Globant Stock Up 1.0 %

GLOB opened at $218.93 on Tuesday. The firm has a market capitalization of $9.43 billion, a P/E ratio of 57.16, a PEG ratio of 2.72 and a beta of 1.37. The stock has a fifty day moving average of $220.34 and a 200-day moving average of $198.28. Globant has a 12-month low of $151.68 and a 12-month high of $251.50.

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.