Short Interest in GitLab Inc. (NASDAQ:GTLB) Rises By 46.0%

GitLab Inc. (NASDAQ:GTLB) was the recipient of a significant increase in short interest during the month of January. As of January 15th, there was short interest totalling 7,460,000 shares, an increase of 46.0% from the December 31st total of 5,110,000 shares. Currently, 6.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,390,000 shares, the short-interest ratio is presently 3.1 days.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Mizuho increased their price target on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, December 9th. TD Cowen raised their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Robert W. Baird boosted their target price on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. KeyCorp increased their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Truist Financial reaffirmed a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Performance

GTLB stock opened at $72.76 on Friday. GitLab has a 1-year low of $40.72 and a 1-year high of $78.53. The business has a 50-day moving average price of $62.25 and a 200 day moving average price of $55.69.

Insider Transactions at GitLab

In other news, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the sale, the insider now directly owns 121,893 shares of the company’s stock, valued at $8,532,510. This represents a 7.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the transaction, the director now directly owns 137,983 shares of the company’s stock, valued at approximately $8,197,570.03. This trade represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 818,283 shares of company stock valued at $49,251,690. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently modified their holdings of the business. New York State Common Retirement Fund increased its holdings in GitLab by 10.7% during the fourth quarter. New York State Common Retirement Fund now owns 557,923 shares of the company’s stock valued at $31,439,000 after buying an additional 53,849 shares during the period. D.A. Davidson & CO. increased its holdings in shares of GitLab by 14.3% in the 4th quarter. D.A. Davidson & CO. now owns 9,898 shares of the company’s stock valued at $558,000 after acquiring an additional 1,238 shares during the period. Truist Financial Corp increased its holdings in shares of GitLab by 32.4% in the 4th quarter. Truist Financial Corp now owns 22,078 shares of the company’s stock valued at $1,244,000 after acquiring an additional 5,406 shares during the period. Capital Performance Advisors LLP lifted its stake in shares of GitLab by 97.5% during the 4th quarter. Capital Performance Advisors LLP now owns 3,667 shares of the company’s stock worth $207,000 after purchasing an additional 1,810 shares during the last quarter. Finally, Principal Securities Inc. boosted its position in GitLab by 79.6% during the fourth quarter. Principal Securities Inc. now owns 5,373 shares of the company’s stock valued at $303,000 after purchasing an additional 2,381 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

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.