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

GitLab Inc. (NASDAQ:GTLB) saw 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. Currently, 6.9% of the company’s stock are sold short. Based on an average daily trading volume, of 3,290,000 shares, the short-interest ratio is presently 2.7 days.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Piper Sandler increased their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Macquarie reissued an “outperform” rating and set a $90.00 price target on shares of GitLab in a research report on Tuesday, March 4th. KeyCorp increased their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, Robert W. Baird cut their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $75.38.

GitLab Price Performance

GitLab stock traded up $1.71 during mid-day trading on Wednesday, reaching $51.60. 1,581,691 shares of the company were exchanged, compared to its average volume of 2,416,892. The company has a fifty day simple moving average of $63.36 and a 200-day simple moving average of $59.29. GitLab has a 12 month low of $40.72 and a 12 month high of $74.18. The firm has a market cap of $8.37 billion, a PE ratio of -161.25 and a beta of 0.67.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 6,500 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the completion of the transaction, the director now directly owns 128,233 shares of the company’s stock, valued at approximately $8,103,043.27. This represents a 4.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 727,007 shares of company stock valued at $43,843,249 over the last three months. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of hedge funds have recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC increased its stake in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares during the period. CoreCap Advisors LLC increased its stake in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after acquiring an additional 452 shares during the period. IMG Wealth Management Inc. bought a new position in GitLab during the 4th quarter worth $46,000. True Wealth Design LLC bought a new position in GitLab during the 3rd quarter worth $56,000. Finally, Raleigh Capital Management Inc. bought a new position in GitLab during the 4th quarter worth $66,000. Institutional investors own 95.04% of the company’s stock.

About GitLab

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.