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

GitLab Inc. (NASDAQ:GTLB) saw a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 4,890,000 shares, an increase of 8.7% from the October 31st total of 4,500,000 shares. Based on an average daily trading volume, of 1,900,000 shares, the short-interest ratio is presently 2.6 days. Approximately 4.1% of the shares of the company are short sold.

Insiders Place Their Bets

In related news, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the sale, the director now owns 137,983 shares in the company, valued at $8,197,570.03. This represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock valued at $10,569,356 in the last quarter. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GTLB. Renaissance Technologies LLC increased its position in GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after buying an additional 747,712 shares during the last quarter. Primecap Management Co. CA increased its holdings in shares of GitLab by 269.5% during the 2nd quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after acquiring an additional 603,200 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of GitLab in the 3rd quarter valued at approximately $30,827,000. Atreides Management LP acquired a new stake in GitLab in the 3rd quarter worth approximately $25,605,000. Finally, William Blair Investment Management LLC bought a new stake in GitLab during the second quarter worth approximately $16,071,000. Institutional investors own 91.72% of the company’s stock.

GitLab Price Performance

Shares of GTLB stock opened at $63.86 on Wednesday. The firm has a market cap of $10.25 billion, a P/E ratio of -27.29 and a beta of 0.54. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The stock’s 50-day moving average is $57.01 and its two-hundred day moving average is $52.02.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. The firm had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.29) earnings per share. As a group, research analysts expect that GitLab will post -0.41 EPS for the current year.

Analysts Set New Price Targets

GTLB has been the subject of a number of analyst reports. Cantor Fitzgerald upgraded GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. Morgan Stanley assumed coverage on shares of GitLab in a report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target for the company. KeyCorp increased their price objective on shares of GitLab from $62.00 to $74.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Bank of America boosted their target price on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Wells Fargo & Company upped their target price on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price of $67.17.

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.