GitLab Inc. (NASDAQ:GTLB) Short Interest Update

GitLab Inc. (NASDAQ:GTLB) was the target of a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 5,110,000 shares, a growth of 6.2% from the November 30th total of 4,810,000 shares. Approximately 4.1% of the company’s shares are short sold. Based on an average daily volume of 2,240,000 shares, the days-to-cover ratio is currently 2.3 days.

Insider Activity at GitLab

In related news, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now owns 242,803 shares in the company, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 750,857 shares of company stock worth $44,545,645. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab during the third quarter worth approximately $52,000. True Wealth Design LLC bought a new stake in GitLab in the 3rd quarter valued at $56,000. Rakuten Securities Inc. grew its holdings in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares in the last quarter. Quarry LP increased its position in GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of GitLab during the third quarter worth $96,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the subject of several recent analyst reports. Mizuho increased their price target on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Cantor Fitzgerald lifted their price target on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Scotiabank boosted their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Truist Financial reiterated a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. boosted their price target on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

GitLab Price Performance

GTLB stock opened at $56.35 on Thursday. GitLab has a one year low of $40.72 and a one year high of $78.53. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of -176.09 and a beta of 0.54. The company has a fifty day moving average price of $60.27 and a two-hundred day moving average price of $53.58.

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.