GitLab Inc. (NASDAQ:GTLB) Sees Large Increase in Short Interest

GitLab Inc. (NASDAQ:GTLB) saw a significant growth in short interest in the month of January. As of January 15th, there was short interest totalling 7,460,000 shares, a growth of 46.0% from the December 31st total of 5,110,000 shares. Approximately 6.0% of the company’s stock are short sold. Based on an average daily volume of 2,390,000 shares, the short-interest ratio is currently 3.1 days.

GitLab Stock Performance

NASDAQ:GTLB opened at $72.76 on Friday. The stock has a market cap of $11.81 billion, a price-to-earnings ratio of -227.38 and a beta of 0.57. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53. The business has a fifty day moving average of $62.25 and a 200-day moving average of $55.69.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GTLB. Truist Financial reiterated a “buy” rating and set a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of GitLab in a research note on Tuesday, January 7th. Robert W. Baird boosted their target price on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Morgan Stanley increased their price target on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, The Goldman Sachs Group boosted their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

Insider Transactions at GitLab

In other news, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 9,251 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the transaction, the insider now directly owns 121,893 shares of the company’s stock, valued at $8,532,510. This represents a 7.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 818,283 shares of company stock valued at $49,251,690. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several large investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB boosted its holdings in shares of GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after acquiring an additional 150 shares in the last quarter. Bank of Marin boosted its stake in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after purchasing an additional 171 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of GitLab by 0.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after buying an additional 281 shares during the period. Glenmede Trust Co. NA boosted its stake in GitLab by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after buying an additional 334 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in GitLab by 18.2% during the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after acquiring an additional 488 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Company Profile

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.