Short Interest in GitLab Inc. (NASDAQ:GTLB) Drops By 15.9%

GitLab Inc. (NASDAQ:GTLB - Get Free Report) 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. Currently, 6.9% of the shares of the stock are short sold. Based on an average trading volume of 3,290,000 shares, the short-interest ratio is currently 2.7 days.

Wall Street Analyst Weigh In

GTLB has been the topic of several research reports. Needham & Company LLC restated a "buy" rating and set a $85.00 price target on shares of GitLab in a report on Tuesday, March 4th. JPMorgan Chase & Co. reduced their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Piper Sandler boosted their price target on GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Mizuho reduced their price target on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a report on Tuesday, March 4th. Finally, Macquarie reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $75.38.

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Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, February 3rd. The stock was 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 $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now owns 144,913 shares in the company, valued at approximately $7,518,086.44. This represents a 21.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 764,011 shares of company stock worth $45,750,733 over the last 90 days. Insiders own 21.36% of the company's stock.

Institutional Investors Weigh In On GitLab

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock valued at $740,585,000 after purchasing an additional 885,955 shares during the last quarter. Norges Bank purchased a new stake in shares of GitLab during the 4th quarter valued at $279,089,000. Artisan Partners Limited Partnership increased its position in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. increased its position in shares of GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after purchasing an additional 470,192 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after acquiring an additional 1,583,221 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Price Performance

Shares of GitLab stock traded down $0.21 during trading hours on Friday, hitting $50.95. 2,472,987 shares of the company's stock traded hands, compared to its average volume of 2,411,756. GitLab has a 12-month low of $40.72 and a 12-month high of $74.18. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of -159.22 and a beta of 0.67. The company has a fifty day simple moving average of $62.77 and a 200-day simple moving average of $59.31.

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.