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

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

GitLab Price Performance

Shares of GitLab stock traded up $1.71 during trading hours on Wednesday, hitting $51.60. The company’s stock had a trading volume of 1,581,691 shares, compared to its average volume of 2,416,892. GitLab has a 12 month low of $40.72 and a 12 month high of $74.18. The stock has a 50 day moving average of $63.36 and a 200 day moving average of $59.29. The company has a market capitalization of $8.37 billion, a PE ratio of -161.25 and a beta of 0.67.

Insider Activity at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the sale, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. The trade was a 2.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $15,037,451.20. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 727,007 shares of company stock valued at $43,843,249 in the last 90 days. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several large investors have recently modified their holdings of GTLB. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of GitLab by 6,821.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after acquiring an additional 293,332 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of GitLab by 56.1% in the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock worth $18,155,000 after acquiring an additional 126,578 shares in the last quarter. OneDigital Investment Advisors LLC bought a new stake in shares of GitLab in the third quarter worth about $200,000. Claro Advisors LLC acquired a new position in shares of GitLab during the third quarter worth about $811,000. Finally, Thrivent Financial for Lutherans boosted its position in shares of GitLab by 128.8% during the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after buying an additional 312,119 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on GTLB shares. DA Davidson reduced their price objective on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Barclays reduced their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Scotiabank boosted their price objective on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Robert W. Baird reduced their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Finally, Piper Sandler boosted their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $75.38.

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.