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

GitLab Inc. (NASDAQ:GTLB) was the recipient of a large decline in short interest in 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. Currently, 6.9% of the company’s stock are sold short. Based on an average daily volume of 3,290,000 shares, the short-interest ratio is currently 2.7 days.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares of the company’s stock, 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. In the last ninety days, insiders sold 727,007 shares of company stock valued at $43,843,249. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of GitLab by 6,821.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after buying an additional 293,332 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of GitLab by 56.1% during the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock valued at $18,155,000 after acquiring an additional 126,578 shares in the last quarter. OneDigital Investment Advisors LLC bought a new position in shares of GitLab during the third quarter valued at $200,000. Claro Advisors LLC purchased a new stake in shares of GitLab during the third quarter valued at approximately $811,000. Finally, Thrivent Financial for Lutherans lifted its stake in GitLab by 128.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after acquiring an additional 312,119 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on GTLB shares. Macquarie reissued an “outperform” rating and set a $90.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Robert W. Baird cut their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. DA Davidson decreased their target price on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Wells Fargo & Company boosted their price target on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Finally, Morgan Stanley raised their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three investment 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. According to data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $75.38.

GitLab Stock Performance

Shares of NASDAQ GTLB traded down $0.14 during mid-day trading on Thursday, hitting $51.46. 178,924 shares of the stock traded hands, compared to its average volume of 2,411,628. The company has a market cap of $8.35 billion, a price-to-earnings ratio of -160.26 and a beta of 0.67. The stock has a fifty day moving average price of $63.16 and a 200-day moving average price of $59.24. GitLab has a 52 week low of $40.72 and a 52 week high of $74.18.

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.