GitLab (NASDAQ:GTLB) Trading Down 3.2% on Insider Selling

GitLab Inc. (NASDAQ:GTLB) fell 3.2% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $53.12 and last traded at $53.51. 212,442 shares changed hands during trading, a decline of 92% from the average session volume of 2,555,227 shares. The stock had previously closed at $55.29.

Specifically, CFO Brian G. Robins sold 16,668 shares of the company’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 of the company’s stock, valued at $13,423,350.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GTLB. Baird R W upgraded GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. DA Davidson restated a “neutral” rating and set a $50.00 price objective on shares of GitLab in a report on Thursday, August 29th. Mizuho decreased their target price on shares of GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, June 4th. UBS Group boosted their price target on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, KeyCorp decreased their price objective on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.05.

GitLab Stock Up 0.6 %

The stock has a market cap of $8.66 billion, a P/E ratio of -19.81 and a beta of 0.44. The firm’s 50-day moving average is $49.29 and its two-hundred day moving average is $52.48.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.29) EPS. Analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new position in shares of GitLab in the second quarter valued at approximately $199,000. Sycomore Asset Management lifted its position in GitLab by 135.6% during the 2nd quarter. Sycomore Asset Management now owns 166,574 shares of the company’s stock worth $8,089,000 after acquiring an additional 95,874 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in GitLab by 4.8% during the second quarter. Clearbridge Investments LLC now owns 523,820 shares of the company’s stock valued at $26,044,000 after acquiring an additional 23,899 shares during the period. Quarry LP grew its position in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew 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 valued at $7,110,000 after purchasing an additional 135,824 shares during the last quarter. 91.72% of the stock is owned by institutional investors.

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.