GitLab Inc. (NASDAQ:GTLB) Short Interest Up 46.0% in January

GitLab Inc. (NASDAQ:GTLB) was the target of a significant increase in short interest in 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. Currently, 6.0% of the shares of the company are short sold. Based on an average trading volume of 2,390,000 shares, the days-to-cover ratio is presently 3.1 days.

Insider Transactions at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $59.41, for a total transaction of $193,082.50. Following the transaction, the director now directly owns 137,983 shares in the company, valued at approximately $8,197,570.03. This trade represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 818,283 shares of company stock worth $49,251,690 over the last ninety days. 21.36% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

A number of institutional investors have recently modified their holdings of GTLB. Future Financial Wealth Managment LLC purchased a new stake in GitLab during the third quarter worth approximately $52,000. True Wealth Design LLC purchased a new stake in GitLab during the 3rd quarter worth $56,000. Raleigh Capital Management Inc. acquired a new stake in GitLab in the 4th quarter valued at $66,000. Rakuten Securities Inc. increased its holdings in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares in the last quarter. Finally, Quarry LP raised its position in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Scotiabank upped their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Robert W. Baird lifted their price objective on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Wells Fargo & Company upped their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Morgan Stanley lifted their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, KeyCorp increased their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Up 4.9 %

Shares of GitLab stock opened at $72.76 on Friday. The stock has a market capitalization of $11.81 billion, a P/E ratio of -227.38 and a beta of 0.57. The business’s fifty day moving average price is $62.25 and its 200 day moving average price is $55.69. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53.

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.