GitLab Inc. (NASDAQ:GTLB) Short Interest Update

GitLab Inc. (NASDAQ:GTLB) was the recipient of a large 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 stock are short sold. Based on an average daily trading volume, of 1,900,000 shares, the short-interest ratio is currently 2.6 days.

Insider Buying and Selling

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the transaction, the chief financial officer now owns 250,109 shares in the company, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock valued at $10,569,356 in the last quarter. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its holdings in shares of GitLab by 188.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 194,417 shares of the company’s stock valued at $11,339,000 after acquiring an additional 126,917 shares during the last quarter. Tidal Investments LLC bought a new position in shares of GitLab in the first quarter valued at approximately $922,000. Comerica Bank lifted its stake in shares of GitLab by 2,076.2% in the first quarter. Comerica Bank now owns 66,373 shares of the company’s stock worth $3,871,000 after buying an additional 63,323 shares during the last quarter. Cetera Advisors LLC bought a new stake in shares of GitLab during the 1st quarter worth $368,000. Finally, Harbor Capital Advisors Inc. grew its stake in GitLab by 88.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 31,605 shares of the company’s stock valued at $1,571,000 after buying an additional 14,798 shares during the last quarter. 91.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GTLB has been the topic of several analyst reports. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. KeyCorp increased their price objective on shares of GitLab from $62.00 to $74.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Morgan Stanley started coverage on shares of GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 target price for the company. TD Cowen raised their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Finally, Robert W. Baird boosted their price objective on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.17.

GitLab Stock Down 1.2 %

Shares of GitLab stock traded down $0.76 during trading on Tuesday, hitting $62.99. 2,455,542 shares of the stock traded hands, compared to its average volume of 1,778,177. The company has a fifty day moving average price of $56.80 and a two-hundred day moving average price of $51.97. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million during 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%. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.29) earnings per share. On average, equities research analysts expect that GitLab will post -0.41 earnings per share for the current fiscal year.

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.