GitLab Inc. (NASDAQ:GTLB) Short Interest Up 8.7% in November

GitLab Inc. (NASDAQ:GTLB) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 4,890,000 shares, a growth of 8.7% from the October 31st total of 4,500,000 shares. Approximately 4.1% of the company’s shares are short sold. Based on an average daily trading volume, of 1,900,000 shares, the short-interest ratio is presently 2.6 days.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. KeyCorp increased their price objective on shares of GitLab from $62.00 to $74.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. 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. Robert W. Baird increased their target price on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Finally, Morgan Stanley began coverage on GitLab in a report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target for the company. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $67.17.

Insider Activity at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,033 shares of company stock worth $10,569,356. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its stake in GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after purchasing an additional 747,712 shares during the period. Primecap Management Co. CA raised its position in shares of GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after buying an additional 603,200 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of GitLab in the third quarter valued at about $30,827,000. Atreides Management LP bought a new position in GitLab during the third quarter valued at about $25,605,000. Finally, William Blair Investment Management LLC acquired a new position in GitLab in the 2nd quarter valued at approximately $16,071,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Stock Performance

GTLB stock traded up $0.87 during mid-day trading on Tuesday, hitting $63.86. The stock had a trading volume of 2,133,888 shares, compared to its average volume of 2,325,493. The company has a fifty day moving average of $56.80 and a 200 day moving average of $51.97. GitLab has a 1-year low of $40.72 and a 1-year high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. GitLab’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.29) EPS. Analysts predict that GitLab will post -0.41 earnings per share for the current fiscal year.

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.