GitLab Inc. (NASDAQ:GTLB) Short Interest Update

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

GitLab Price Performance

GitLab stock opened at $70.33 on Thursday. GitLab has a one year low of $40.72 and a one year high of $78.53. The company’s fifty day moving average price is $62.00 and its two-hundred day moving average price is $55.49. The company has a market capitalization of $11.41 billion, a price-to-earnings ratio of -219.78 and a beta of 0.57.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Mizuho increased their target price on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Canaccord Genuity Group raised their price objective on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Barclays increased their price target on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Finally, Royal Bank of Canada boosted their price objective on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $76.42.

Insider Activity

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the transaction, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 825,698 shares of company stock valued at $49,549,749. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GTLB. Future Financial Wealth Managment LLC acquired a new position in GitLab during the third quarter valued at approximately $52,000. True Wealth Design LLC acquired a new position in GitLab in the 3rd quarter valued at $56,000. Raleigh Capital Management Inc. acquired a new position in GitLab in the 4th quarter valued at $66,000. Rakuten Securities Inc. raised its holdings in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares during the period. Finally, Quarry LP lifted 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 acquiring an additional 1,502 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

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.