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

GitLab Inc. (NASDAQ:GTLB) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 8,340,000 shares, a growth of 5.8% from the October 15th total of 7,880,000 shares. Based on an average daily trading volume, of 1,700,000 shares, the short-interest ratio is presently 4.9 days. Currently, 8.8% of the shares of the stock are short sold.

Insider Activity

In related news, Director Susan L. Bostrom sold 20,000 shares of the company’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $52.76, for a total transaction of $1,055,200.00. Following the completion of the sale, the director now owns 305,869 shares of the company’s stock, valued at approximately $16,137,648.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other GitLab news, Director Susan L. Bostrom sold 20,000 shares of the firm’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $52.76, for a total value of $1,055,200.00. Following the completion of the sale, the director now directly owns 305,869 shares of the company’s stock, valued at approximately $16,137,648.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 155,000 shares of GitLab stock in a transaction on Monday, October 16th. The stock was sold at an average price of $46.98, for a total value of $7,281,900.00. The disclosure for this sale can be found here. Insiders sold 542,323 shares of company stock worth $26,384,985 over the last three months. Insiders own 28.04% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently added to or reduced their stakes in GTLB. HMI Capital Management L.P. raised its stake in shares of GitLab by 53.9% during the 2nd quarter. HMI Capital Management L.P. now owns 7,406,153 shares of the company’s stock worth $378,528,000 after buying an additional 2,594,437 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in GitLab by 152.1% during the fourth quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock worth $179,588,000 after acquiring an additional 2,384,500 shares during the period. Vanguard Group Inc. raised its position in GitLab by 73.8% in the third quarter. Vanguard Group Inc. now owns 4,649,197 shares of the company’s stock worth $238,132,000 after acquiring an additional 1,973,796 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in GitLab by 7,180.6% in the second quarter. Goldman Sachs Group Inc. now owns 1,925,063 shares of the company’s stock valued at $102,298,000 after acquiring an additional 1,898,622 shares during the period. Finally, Invesco Ltd. grew its stake in shares of GitLab by 71.3% during the 3rd quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock worth $191,590,000 after purchasing an additional 1,762,944 shares during the period. Institutional investors and hedge funds own 54.15% of the company’s stock.

Wall Street Analyst Weigh In

GTLB has been the topic of a number of recent analyst reports. Barclays cut GitLab from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $65.00 to $50.00 in a report on Friday. BTIG Research assumed coverage on shares of GitLab in a report on Monday. They issued a “buy” rating and a $56.00 price objective on the stock. DA Davidson lifted their price target on shares of GitLab from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, September 6th. Royal Bank of Canada increased their price objective on shares of GitLab from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 6th. Finally, Canaccord Genuity Group began coverage on GitLab in a research note on Tuesday, September 12th. They set a “buy” rating and a $62.00 price target on the stock. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.39.

GitLab Price Performance

Shares of GTLB traded down $1.74 during midday trading on Friday, reaching $46.81. 1,928,806 shares of the stock were exchanged, compared to its average volume of 2,312,966. The company has a market capitalization of $7.24 billion, a price-to-earnings ratio of -38.23 and a beta of 0.19. The business’s 50-day moving average price is $45.79 and its 200 day moving average price is $44.56. GitLab has a twelve month low of $26.24 and a twelve month high of $58.70.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.04. GitLab had a negative net margin of 37.77% and a negative return on equity of 21.02%. The company had revenue of $139.58 million for the quarter, compared to analysts’ expectations of $129.81 million. During the same period in the previous year, the company posted ($0.40) EPS. GitLab’s revenue was up 38.1% compared to the same quarter last year. As a group, equities research analysts expect that GitLab will post -1.13 earnings per share for the current fiscal year.

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.