Short Interest in Globant S.A. (NYSE:GLOB) Drops By 13.5%

Globant S.A. (NYSE:GLOB) saw a significant decrease in short interest in November. As of November 15th, there was short interest totalling 2,250,000 shares, a decrease of 13.5% from the October 31st total of 2,600,000 shares. Based on an average daily volume of 431,700 shares, the days-to-cover ratio is currently 5.2 days.

Analysts Set New Price Targets

GLOB has been the subject of a number of recent research reports. KeyCorp lifted their price objective on shares of Globant from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft started coverage on Globant in a research note on Thursday, August 22nd. They set a “hold” rating and a $210.00 price objective on the stock. Piper Sandler dropped their target price on Globant from $240.00 to $237.00 and set an “overweight” rating for the company in a report on Friday, November 15th. JPMorgan Chase & Co. increased their price target on Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Jefferies Financial Group boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $229.06.

Globant Stock Performance

Globant stock traded down $2.69 during midday trading on Tuesday, hitting $223.24. 54,677 shares of the company’s stock were exchanged, compared to its average volume of 480,325. Globant has a 12 month low of $151.68 and a 12 month high of $251.50. The company has a market cap of $9.62 billion, a PE ratio of 58.98, a P/E/G ratio of 2.81 and a beta of 1.37. The firm has a 50-day moving average of $215.13 and a two-hundred day moving average of $194.44.

Hedge Funds Weigh In On Globant

A number of large investors have recently bought and sold shares of GLOB. Creative Planning raised its stake in shares of Globant by 20.5% during the 3rd quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock worth $409,000 after acquiring an additional 351 shares in the last quarter. Vanguard Group Inc. grew its stake in Globant by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock worth $22,681,000 after buying an additional 8,267 shares during the last quarter. Cetera Investment Advisers increased its position in Globant by 1,079.8% during the 1st quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock valued at $4,066,000 after buying an additional 18,433 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Globant in the third quarter valued at about $11,145,000. Finally, Brown Brothers Harriman & Co. grew its stake in shares of Globant by 97.4% during the second quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock worth $27,548,000 after acquiring an additional 76,256 shares during the last quarter. Institutional investors own 91.60% of the company’s stock.

About Globant

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.