Globant S.A. (NYSE:GLOB – Get Rating) was the target of a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 1,080,000 shares, a decline of 17.6% from the September 30th total of 1,310,000 shares. Approximately 2.6% of the shares of the company are sold short. Based on an average daily trading volume, of 341,900 shares, the short-interest ratio is presently 3.2 days.
Globant Stock Up 1.4 %
Globant stock traded up $2.65 during midday trading on Friday, reaching $189.09. The stock had a trading volume of 138,819 shares, compared to its average volume of 297,937. Globant has a 52-week low of $158.86 and a 52-week high of $354.62. The firm has a market cap of $7.92 billion, a price-to-earnings ratio of 62.82 and a beta of 1.46. The company has a fifty day moving average of $197.77 and a 200 day moving average of $199.03.
Globant (NYSE:GLOB – Get Rating) last posted its quarterly earnings data on Thursday, August 18th. The information technology services provider reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. Globant had a net margin of 8.26% and a return on equity of 11.53%. The company had revenue of $429.30 million for the quarter, compared to analyst estimates of $426.22 million. During the same period in the prior year, the company posted $0.71 EPS. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. Equities research analysts predict that Globant will post 4.14 EPS for the current year.
Analysts Set New Price Targets
GLOB has been the subject of several recent analyst reports. The Goldman Sachs Group dropped their target price on shares of Globant from $290.00 to $250.00 and set a “buy” rating for the company in a report on Thursday, September 29th. StockNews.com initiated coverage on shares of Globant in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Piper Sandler dropped their target price on shares of Globant from $249.00 to $219.00 and set an “overweight” rating for the company in a report on Friday, October 21st. Cowen dropped their target price on shares of Globant from $248.00 to $210.00 and set an “outperform” rating for the company in a report on Wednesday, October 19th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Globant from $303.00 to $240.00 in a report on Friday, October 14th. 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 a consensus rating of “Moderate Buy” and a consensus target price of $248.13.
Hedge Funds Weigh In On Globant
Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in shares of Globant by 77.1% during the second quarter. JPMorgan Chase & Co. now owns 3,377,320 shares of the information technology services provider’s stock valued at $587,653,000 after purchasing an additional 1,469,846 shares in the last quarter. Pendal Group Ltd bought a new position in shares of Globant during the third quarter valued at approximately $256,020,000. Martin Currie Ltd. bought a new position in shares of Globant during the second quarter valued at approximately $45,844,000. William Blair Investment Management LLC boosted its stake in shares of Globant by 23.7% during the first quarter. William Blair Investment Management LLC now owns 1,273,843 shares of the information technology services provider’s stock valued at $333,836,000 after purchasing an additional 243,985 shares in the last quarter. Finally, Thornburg Investment Management Inc. boosted its stake in shares of Globant by 6,384.6% during the second quarter. Thornburg Investment Management Inc. now owns 187,406 shares of the information technology services provider’s stock valued at $32,609,000 after purchasing an additional 184,516 shares in the last quarter. 88.96% of the stock is currently owned by institutional investors.
Globant Company Profile
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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