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

GitLab Inc. (NASDAQ:GTLB)’s share price was down 1.3% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $63.28 and last traded at $63.36. Approximately 433,058 shares changed 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 GitLab stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Blasing sold 6,500 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the transaction, the director now 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 Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their target price on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Robert W. Baird increased their price objective on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Canaccord Genuity Group boosted their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Wells Fargo & Company raised their price target on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Truist Financial reiterated a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Trading Down 1.8 %

The stock 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 is $61.30 and its 200-day moving average is $54.81.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently made changes to their positions in the stock. Veracity Capital LLC acquired a new stake in GitLab in the 4th quarter valued at approximately $464,000. Whalen Wealth Management Inc. acquired a new stake in shares of GitLab in the fourth quarter valued at $305,000. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab in the fourth quarter valued at $66,000. Janney Montgomery Scott LLC lifted its stake in GitLab by 11.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 40,446 shares of the company’s stock worth $2,279,000 after acquiring an additional 3,995 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in GitLab by 594.9% during the 4th quarter. SG Americas Securities LLC now owns 16,074 shares of the company’s stock valued at $906,000 after acquiring an additional 13,761 shares during the period. 95.04% of the stock is owned by hedge funds and other 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.