Insider Selling: GitLab Inc. (NASDAQ:GTLB) CEO Sells 84,776 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Sytse Sijbrandij also recently made the following trade(s):

• On Tuesday, October 15th, Sytse Sijbrandij sold 56,000 shares of GitLab stock. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00.

GitLab Trading Up 2.0 %

Shares of GTLB traded up $1.24 during mid-day trading on Wednesday, reaching $62.15. The company’s stock had a trading volume of 1,845,711 shares, compared to its average volume of 2,328,838. The business has a 50-day simple moving average of $54.73 and a two-hundred day simple moving average of $51.32. The stock has a market cap of $9.98 billion, a P/E ratio of -26.03 and a beta of 0.45. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GTLB shares. DA Davidson restated a “neutral” rating and set a $50.00 price target on shares of GitLab in a research note on Monday, October 14th. Scotiabank upped their target price on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research report on Wednesday, September 4th. Robert W. Baird boosted their price objective on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald raised shares of GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. Finally, Morgan Stanley assumed coverage on shares of GitLab in a report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $66.38.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its stake in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the 3rd quarter valued at $52,000. True Wealth Design LLC purchased a new stake in GitLab in the 3rd quarter worth $56,000. Rakuten Securities Inc. increased its position in GitLab by 268.1% during 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 last quarter. 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 worth $89,000 after acquiring an additional 1,502 shares in the last quarter. Institutional investors own 91.72% 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.