GitLab Inc. (NASDAQ:GTLB) Short Interest Down 15.9% in February

GitLab Inc. (NASDAQ:GTLB) was the target of a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 8,820,000 shares, a decrease of 15.9% from the February 13th total of 10,490,000 shares. Based on an average trading volume of 3,290,000 shares, the days-to-cover ratio is presently 2.7 days. Currently, 6.9% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on GTLB shares. Scotiabank increased their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. TD Cowen lifted their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Morgan Stanley increased their price target on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and an average target price of $75.38.

Insider Activity

In related news, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 727,007 shares of company stock valued at $43,843,249 over the last 90 days. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd acquired a new stake in shares of GitLab in the 3rd quarter valued at about $678,000. State Street Corp grew its position in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares during the period. Barclays PLC increased its stake in GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in GitLab during the third quarter worth $6,865,000. Finally, Barton Investment Management lifted its stake in shares of GitLab by 99.4% in the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after buying an additional 167,290 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

GitLab Stock Down 0.3 %

GitLab stock traded down $0.14 during trading hours on Thursday, reaching $51.46. 178,924 shares of the company’s stock were exchanged, compared to its average volume of 2,411,628. The firm has a market capitalization of $8.35 billion, a PE ratio of -160.26 and a beta of 0.67. The firm’s 50 day simple moving average is $63.16 and its 200 day simple moving average is $59.24. GitLab has a twelve month low of $40.72 and a twelve month high of $74.18.

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.