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

GitLab Inc. (NASDAQ:GTLB) was the recipient of a significant 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. Approximately 6.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,290,000 shares, the days-to-cover ratio is presently 2.7 days.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction that occurred 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 transaction, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 727,007 shares of company stock worth $43,843,249. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently modified their holdings of the business. M&T Bank Corp lifted its position in GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after acquiring an additional 148 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its position in GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after acquiring an additional 150 shares during the last quarter. OneDigital Investment Advisors LLC lifted its position in GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after acquiring an additional 166 shares during the last quarter. Utah Retirement Systems lifted its position in GitLab by 3.1% during the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock worth $372,000 after acquiring an additional 200 shares during the last quarter. Finally, Mariner LLC lifted its position in GitLab by 1.7% during the 4th quarter. Mariner LLC now owns 12,583 shares of the company’s stock worth $709,000 after acquiring an additional 214 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Trading Down 3.6 %

GTLB stock opened at $50.06 on Tuesday. GitLab has a 1 year low of $40.72 and a 1 year high of $74.18. The company has a fifty day simple moving average of $63.57 and a 200 day simple moving average of $59.27. The firm has a market cap of $8.13 billion, a PE ratio of -157.56 and a beta of 0.67.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GTLB shares. Wells Fargo & Company lifted their price objective on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Canaccord Genuity Group lifted their price objective on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Piper Sandler lifted their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Morgan Stanley lifted their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $75.38.

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.