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

GitLab Inc. (NASDAQ:GTLB) was the recipient of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 8,820,000 shares, a decline 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 short-interest ratio is currently 2.7 days. Currently, 6.9% of the shares of the company are short sold.

Analyst Ratings Changes

Several research analysts have recently issued reports on GTLB shares. Robert W. Baird dropped their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Truist Financial restated a “buy” rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. TD Cowen boosted their price objective on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Finally, Barclays lowered their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.38.

GitLab Trading Down 3.6 %

Shares of GTLB stock opened at $50.06 on Tuesday. The firm’s 50 day moving average is $63.57 and its 200-day moving average is $59.27. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of -157.56 and a beta of 0.67. GitLab has a 1 year low of $40.72 and a 1 year high of $74.18.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 727,007 shares of company stock valued at $43,843,249 in the last quarter. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of GitLab by 15.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 105,307 shares of the company’s stock worth $5,934,000 after purchasing an additional 14,143 shares in the last quarter. Infinitum Asset Management LLC acquired a new stake in shares of GitLab during the fourth quarter worth $6,762,000. Polar Asset Management Partners Inc. raised its holdings in shares of GitLab by 120.1% during the fourth quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company’s stock worth $11,805,000 after acquiring an additional 114,300 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of GitLab by 63.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company’s stock worth $3,972,000 after acquiring an additional 27,455 shares during the period. Finally, JT Stratford LLC acquired a new stake in shares of GitLab during the fourth quarter worth $284,000. 95.04% of the stock is owned by institutional investors.

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.