GitLab Inc. (NASDAQ:GTLB - Get Free Report) saw a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 5,110,000 shares, a growth of 6.2% from the November 30th total of 4,810,000 shares. Based on an average daily volume of 2,240,000 shares, the short-interest ratio is presently 2.3 days. Currently, 4.1% of the company's shares are sold short.
GitLab Trading Down 0.2 %
Shares of NASDAQ GTLB traded down $0.12 during trading hours on Wednesday, reaching $56.35. The stock had a trading volume of 1,766,189 shares, compared to its average volume of 2,448,207. The firm has a market cap of $9.15 billion, a price-to-earnings ratio of -176.09 and a beta of 0.54. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The firm has a 50-day moving average of $60.27 and a 200-day moving average of $53.58.
Insiders Place Their Bets
In other news, CFO Brian G. Robins sold 10,000 shares of the company's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $67.59, for a total value of $675,900.00. Following the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The disclosure for this sale can be found here. Insiders have sold 750,857 shares of company stock valued at $44,545,645 over the last ninety days. Company insiders own 21.36% of the company's stock.
Institutional Investors Weigh In On GitLab
Several large investors have recently modified their holdings of GTLB. Franklin Resources Inc. raised its position in GitLab by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock valued at $146,774,000 after purchasing an additional 21,976 shares during the last quarter. State Street Corp raised its holdings in shares of GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after buying an additional 111,997 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock worth $104,476,000 after buying an additional 132,548 shares during the period. Fiera Capital Corp grew its holdings in shares of GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company's stock worth $64,911,000 after buying an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY increased its position in GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock valued at $64,592,000 after acquiring an additional 4,874 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on GTLB shares. Wells Fargo & Company lifted their price objective on GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. BTIG Research increased their price target on shares of GitLab from $58.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. Royal Bank of Canada lifted their price objective on shares of GitLab from $73.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, December 6th. Piper Sandler increased their target price on shares of GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Finally, UBS Group boosted their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and a consensus target price of $76.42.
Read Our Latest Analysis on GTLB
GitLab Company Profile
(
Get Free Report)
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.
Read More
Before you consider GitLab, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and GitLab wasn't on the list.
While GitLab currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
