GitLab Sees Unusually High Options Volume (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB) was the target of some unusual options trading on Tuesday. Investors bought 12,124 call options on the stock. This is an increase of approximately 88% compared to the average volume of 6,433 call options.

GitLab Trading Up 12.3 %

GitLab stock opened at $72.75 on Wednesday. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The stock has a 50 day moving average of $61.76 and a two-hundred day moving average of $55.34. The stock has a market capitalization of $11.81 billion, a price-to-earnings ratio of -227.34 and a beta of 0.57.

Insider Activity

In other news, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $59.41, for a total value of $193,082.50. Following the transaction, the director now owns 137,983 shares of the company’s stock, valued at $8,197,570.03. This represents a 2.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $13,776,642.22. This trade represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 825,698 shares of company stock valued at $49,549,749 in the last quarter. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC acquired a new stake in shares of GitLab in the 3rd quarter valued at approximately $30,827,000. Atreides Management LP acquired a new stake in shares of GitLab in the 3rd quarter valued at approximately $25,605,000. Thrivent Financial for Lutherans lifted its holdings in shares of GitLab by 128.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after buying an additional 312,119 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of GitLab by 6,821.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock valued at $15,340,000 after buying an additional 293,332 shares during the period. Finally, ARK Investment Management LLC acquired a new stake in shares of GitLab in the 3rd quarter valued at approximately $13,435,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on GTLB. The Goldman Sachs Group upped their price target on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Robert W. Baird boosted their price objective on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Scotiabank boosted their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Mizuho boosted their price objective on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Finally, TD Cowen upped their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.42.

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.