GitLab Inc. (NASDAQ:GTLB) Short Interest Update

GitLab Inc. (NASDAQ:GTLBGet Free Report) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 4,090,000 shares, a growth of 27.8% from the March 15th total of 3,200,000 shares. Approximately 3.6% of the company’s shares are short sold. Based on an average daily trading volume, of 2,820,000 shares, the days-to-cover ratio is presently 1.5 days.

Insiders Place Their Bets

In related news, CEO Sytse Sijbrandij sold 230,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $53.59, for a total transaction of $12,325,700.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 60,000 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $56.08, for a total value of $3,364,800.00. Following the sale, the chief financial officer now directly owns 346,146 shares of the company’s stock, valued at $19,411,867.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 893,342 shares of company stock valued at $54,059,697. 28.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GTLB. FMR LLC boosted its position in GitLab by 80.0% during the 3rd quarter. FMR LLC now owns 603 shares of the company’s stock worth $27,000 after purchasing an additional 268 shares during the period. Ossiam purchased a new position in GitLab in the 1st quarter valued at about $27,000. Quarry LP purchased a new position in GitLab in the 2nd quarter valued at about $30,000. Ramirez Asset Management Inc. purchased a new position in GitLab in the 3rd quarter valued at about $36,000. Finally, SRS Capital Advisors Inc. acquired a new stake in shares of GitLab in the 3rd quarter valued at about $40,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Down 5.7 %

GitLab stock traded down $3.24 during midday trading on Monday, reaching $53.83. The company’s stock had a trading volume of 1,887,540 shares, compared to its average volume of 2,707,829. GitLab has a fifty-two week low of $26.24 and a fifty-two week high of $78.53. The company has a market cap of $8.54 billion, a P/E ratio of -19.80 and a beta of 0.46. The business has a 50-day simple moving average of $63.76 and a 200-day simple moving average of $57.80.

GitLab (NASDAQ:GTLBGet Free Report) last posted its earnings results on Monday, March 4th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The business had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $157.89 million. During the same quarter in the previous year, the firm earned ($0.26) earnings per share. The business’s revenue was up 33.3% compared to the same quarter last year. As a group, equities analysts forecast that GitLab will post -0.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 5th. Bank of America dropped their price target on GitLab from $88.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. TD Cowen decreased their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Tuesday, March 5th. KeyCorp initiated coverage on GitLab in a report on Tuesday, March 19th. They set an “overweight” rating and a $70.00 price objective on the stock. Finally, Cantor Fitzgerald decreased their price objective on GitLab from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, March 5th. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $70.73.

Read Our Latest Research Report on GitLab

GitLab Company Profile

(Get Free Report)

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.

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