GitLab Inc. (NASDAQ:GTLB) Short Interest Update

GitLab Inc. (NASDAQ:GTLB - Get Free Report) was the target of a significant growth in short interest during the month of January. As of January 15th, there was short interest totalling 7,460,000 shares, a growth of 46.0% from the December 31st total of 5,110,000 shares. Based on an average trading volume of 2,390,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 6.0% of the company's shares are short sold.

GitLab Stock Performance

Shares of GitLab stock traded down $1.56 during midday trading on Thursday, hitting $68.77. The company had a trading volume of 1,710,122 shares, compared to its average volume of 2,848,487. The company has a 50 day moving average of $62.16 and a 200 day moving average of $55.59. The stock has a market capitalization of $11.16 billion, a P/E ratio of -214.77 and a beta of 0.57. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 16,666 shares of GitLab stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares in the company, valued at approximately $13,776,642.22. The trade was a 6.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robin Schulman sold 9,251 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $65.00, for a total value of $601,315.00. Following the completion of the sale, the insider now directly owns 121,893 shares of the company's stock, valued at $7,923,045. The trade was a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 825,698 shares of company stock valued at $49,549,749. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. lifted 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 acquiring an additional 21,976 shares in the last quarter. State Street Corp boosted its position in shares of GitLab by 5.8% during 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 increased its holdings in GitLab by 7.0% in the 3rd 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 in the last quarter. Fiera Capital Corp raised its position in GitLab by 1.4% in the 3rd 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 lifted its stake in GitLab by 0.4% during 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 currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Piper Sandler upped 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. Mizuho raised their price objective on shares of GitLab from $67.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday, December 9th. Wells Fargo & Company upped their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Needham & Company LLC restated a "buy" rating and set a $85.00 price target on shares of GitLab in a research report on Tuesday, January 7th. Finally, TD Cowen upped their price objective on GitLab from $63.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $76.42.

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.