GitLab Inc. (NASDAQ:GTLB) Short Interest Up 9.4% in April

GitLab Inc. (NASDAQ:GTLB - Get Free Report) was the recipient of a large increase in short interest during the month of April. As of April 30th, there was short interest totalling 4,440,000 shares, an increase of 9.4% from the April 15th total of 4,060,000 shares. Based on an average trading volume of 2,630,000 shares, the days-to-cover ratio is currently 1.7 days. Approximately 4.2% of the company's stock are sold short.

Insider Transactions at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 230,000 shares of GitLab stock in a transaction on Friday, March 15th. The shares were sold at an average price of $53.59, for a total value of $12,325,700.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other GitLab news, CAO Erin Mannix sold 958 shares of the business's stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $59.53, for a total transaction of $57,029.74. Following the transaction, the chief accounting officer now owns 74,908 shares of the company's stock, valued at approximately $4,459,273.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $53.59, for a total value of $12,325,700.00. The disclosure for this sale can be found here. Insiders sold 433,383 shares of company stock valued at $23,632,528 in the last ninety days. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Byrne Asset Management LLC acquired a new position in shares of GitLab during the 1st quarter worth $33,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company's stock worth $33,000 after acquiring an additional 548 shares during the last quarter. Ramirez Asset Management Inc. bought a new position in shares of GitLab in the third quarter worth about $36,000. SRS Capital Advisors Inc. acquired a new stake in shares of GitLab in the 3rd quarter valued at approximately $40,000. Finally, Banque Cantonale Vaudoise bought a new stake in shares of GitLab during the 1st quarter valued at approximately $58,000. 91.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on GTLB shares. Royal Bank of Canada reiterated an "outperform" rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 5th. Wells Fargo & Company initiated coverage on GitLab in a report on Tuesday, April 9th. They set an "overweight" rating and a $70.00 price target for the company. Bank of America dropped their price objective on GitLab from $88.00 to $85.00 and set a "buy" rating on the stock in a research note on Tuesday, March 5th. Raymond James upgraded GitLab from a "market perform" rating to an "outperform" rating and set a $70.00 target price for the company in a research note on Friday, April 12th. Finally, KeyCorp began coverage on GitLab in a research note on Tuesday, March 19th. They issued an "overweight" rating and a $70.00 price target on the stock. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.50.

GitLab Stock Down 0.4 %

Shares of NASDAQ:GTLB traded down $0.24 during trading on Friday, reaching $56.26. 1,520,139 shares of the company traded hands, compared to its average volume of 2,438,715. The firm has a market capitalization of $8.92 billion, a PE ratio of -20.46 and a beta of 0.49. GitLab has a 52 week low of $31.56 and a 52 week high of $78.53. The company's 50 day moving average is $55.74 and its two-hundred day moving average is $59.09.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.07. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The business had revenue of $163.80 million during the quarter, compared to analysts' expectations of $157.89 million. During the same quarter in the prior year, the business posted ($0.26) earnings per share. GitLab's revenue was up 33.3% compared to the same quarter last year. As a group, research analysts anticipate that GitLab will post -0.96 EPS for the current year.

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.

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