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

Globant S.A. (NYSE:GLOB) saw a large increase in short interest during 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 volume of 443,900 shares, the days-to-cover ratio is currently 5.5 days.

Hedge Funds Weigh In On Globant

Large investors have recently modified their holdings of the company. Victory Capital Management Inc. raised its holdings in Globant by 1,817.5% in the third quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after buying an additional 1,431,112 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Globant by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock worth $78,851,000 after acquiring an additional 161,512 shares during the last quarter. Sei Investments Co. grew its position in shares of Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after buying an additional 155,112 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Globant by 89.9% in the second quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock worth $47,450,000 after buying an additional 126,030 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in Globant by 84.8% in the second quarter. Millennium Management LLC now owns 261,270 shares of the information technology services provider’s stock valued at $46,574,000 after acquiring an additional 119,860 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Globant Trading Up 3.3 %

GLOB traded up $7.22 during midday trading on Tuesday, hitting $226.15. The company’s stock had a trading volume of 188,256 shares, compared to its average volume of 478,335. The firm has a 50-day moving average price of $220.34 and a two-hundred day moving average price of $198.28. Globant has a 52-week low of $151.68 and a 52-week high of $251.50. The firm has a market cap of $9.74 billion, a P/E ratio of 57.16, a PEG ratio of 2.72 and a beta of 1.37.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Piper Sandler dropped their price objective on shares of 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 target price on shares of Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Needham & Company LLC increased their target price on shares of Globant from $245.00 to $265.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Canaccord Genuity Group reissued a “hold” rating and set a $205.00 price target on shares of Globant in a research report on Monday, November 18th. Finally, Jefferies Financial Group increased their price target on shares of Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $230.44.

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.