GitLab (NASDAQ:GTLB) Trading Down 1.3% on Insider Selling

GitLab Inc. (NASDAQ:GTLB)’s stock price was down 1.3% during mid-day trading on Friday following insider selling activity. The stock traded as low as $63.28 and last traded at $63.36. Approximately 433,058 shares traded hands during trading, a decline of 80% from the average daily volume of 2,148,673 shares. The stock had previously closed at $64.20.

Specifically, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the transaction, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. This represents a 4.82 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on GTLB shares. Macquarie reissued an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research note on Wednesday. The Goldman Sachs Group increased their price target on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. upped their price objective on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Mizuho lifted their target price on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Finally, Canaccord Genuity Group boosted their price target on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Down 1.8 %

The firm has a market capitalization of $10.23 billion, a PE ratio of -196.94 and a beta of 0.57. The firm’s fifty day moving average price is $61.30 and its 200 day moving average price is $54.79.

Institutional Trading of GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC purchased a new position in GitLab during the third quarter worth approximately $52,000. True Wealth Design LLC acquired a new position in shares of GitLab during the 3rd quarter worth approximately $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab during the 4th quarter valued at approximately $66,000. Rakuten Securities Inc. grew its stake in GitLab by 268.1% in the 3rd 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, Quarry LP grew its stake in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after acquiring an additional 1,502 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.