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

GitLab Inc. (NASDAQ:GTLB) saw a large 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. Approximately 6.0% of the company’s shares are short sold. Based on an average trading volume of 2,390,000 shares, the short-interest ratio is currently 3.1 days.

Insider Activity

In other GitLab news, insider Robin Schulman sold 9,251 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the sale, the insider now owns 121,893 shares in the company, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the sale, the director now directly owns 58,471 shares of the company’s stock, valued at $3,491,888.12. The trade was a 90.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 818,283 shares of company stock valued at $49,251,690. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several hedge funds have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV purchased a new position in shares of GitLab during the 2nd quarter valued at about $206,000. Marshall Wace LLP purchased a new position in GitLab during the second quarter valued at approximately $613,000. The Manufacturers Life Insurance Company lifted its holdings in GitLab by 11.1% during the second quarter. The Manufacturers Life Insurance Company now owns 27,960 shares of the company’s stock valued at $1,390,000 after purchasing an additional 2,783 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of GitLab by 1,890.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company’s stock worth $7,110,000 after purchasing an additional 135,824 shares during the period. Finally, Quarry LP increased its stake in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GTLB. KeyCorp boosted their price target on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Royal Bank of Canada increased their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Canaccord Genuity Group raised their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Barclays upped their price target on shares of GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Finally, Macquarie restated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research note on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Trading Up 4.9 %

Shares of GitLab 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 company’s fifty day simple moving average is $62.25 and its 200-day simple moving average is $55.69.

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.