Short Interest in GitLab Inc. (NASDAQ:GTLB) Rises By 8.3%

GitLab Inc. (NASDAQ:GTLB) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 3,400,000 shares, an increase of 8.3% from the September 30th total of 3,140,000 shares. Based on an average trading volume of 1,900,000 shares, the short-interest ratio is presently 1.8 days. Approximately 2.9% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several research reports. Baird R W raised GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Robert W. Baird raised their price objective on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Monday, October 21st. 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 note on Wednesday, September 4th. Finally, DA Davidson reissued a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.38.

GitLab Price Performance

NASDAQ GTLB traded down $0.17 during trading hours on Wednesday, hitting $54.56. The company’s stock had a trading volume of 1,204,235 shares, compared to its average volume of 2,377,095. The company has a market cap of $8.67 billion, a P/E ratio of -19.94 and a beta of 0.46. The company’s 50 day simple moving average is $51.90 and its two-hundred day simple moving average is $50.82. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53.

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

Insider Activity

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other GitLab news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the sale, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at approximately $12,758,527.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 103,673 shares of company stock valued at $5,523,472. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital Research Global Investors boosted its holdings in shares of GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after buying an additional 3,096,437 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of GitLab in the 1st quarter worth $49,196,000. DNB Asset Management AS bought a new position in GitLab in the 2nd quarter worth $37,851,000. Renaissance Technologies LLC lifted its position in GitLab by 168.8% during the second 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 in the last quarter. Finally, Primecap Management Co. CA lifted its position in 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 purchasing an additional 603,200 shares in the last quarter. 91.72% of the stock is owned by institutional investors.

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.