GitLab (NASDAQ:GTLB) Stock Price Down 0.7% After Insider Selling

GitLab Inc. (NASDAQ:GTLB) fell 0.7% during mid-day trading on Thursday following insider selling activity. The company traded as low as $71.61 and last traded at $72.63. 624,498 shares changed hands during trading, a decline of 78% from the average session volume of 2,883,952 shares. The stock had previously closed at $73.14.

Specifically, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of analysts have recently weighed in on GTLB shares. DA Davidson raised their price target on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. KeyCorp lifted their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Macquarie reiterated an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research note on Wednesday, January 15th. Barclays lifted their target price 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, Piper Sandler lifted their target price on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

The company has a market capitalization of $11.45 billion, a PE ratio of -220.47 and a beta of 0.63. The stock’s 50 day simple moving average is $62.90 and its 200-day simple moving average is $56.37.

Institutional Trading of GitLab

Large investors have recently made changes to their positions in the company. True Wealth Design LLC purchased a new stake in shares of GitLab during the third quarter worth approximately $56,000. Raleigh Capital Management Inc. acquired a new position in GitLab in the fourth quarter valued at approximately $66,000. Smartleaf Asset Management LLC boosted its holdings in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after acquiring an additional 1,153 shares during the period. Rakuten Securities Inc. boosted its holdings in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its holdings in shares of GitLab by 4,273.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock valued at $74,000 after acquiring an additional 1,282 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.