GitLab Target of Unusually Large Options Trading (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB) was the recipient of some unusual options trading on Thursday. Investors bought 14,255 call options on the stock. This represents an increase of approximately 157% compared to the typical daily volume of 5,550 call options.

Analyst Ratings Changes

A number of equities research analysts recently commented on GTLB shares. JPMorgan Chase & Co. lifted their target price on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday. Bank of America boosted their price target on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Truist Financial restated a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a research report on Friday. Cantor Fitzgerald boosted their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday. Finally, The Goldman Sachs Group boosted their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $74.56.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,033 shares of company stock worth $10,569,356. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several large investors have recently modified their holdings of the business. Renaissance Technologies LLC lifted its stake in GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after acquiring an additional 747,712 shares in the last quarter. Primecap Management Co. CA increased its holdings in GitLab by 269.5% during the 2nd quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock worth $41,120,000 after purchasing an additional 603,200 shares during the period. Los Angeles Capital Management LLC purchased a new stake in GitLab during the 3rd quarter worth about $30,827,000. Atreides Management LP purchased a new stake in GitLab during the 3rd quarter worth about $25,605,000. Finally, William Blair Investment Management LLC purchased a new stake in GitLab during the 2nd quarter worth about $16,071,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Stock Performance

NASDAQ GTLB opened at $67.19 on Friday. The stock’s fifty day moving average is $57.91 and its two-hundred day moving average is $52.28. The firm has a market capitalization of $10.78 billion, a P/E ratio of -28.71 and a beta of 0.54. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same quarter in the prior year, the company posted ($0.29) EPS. The company’s quarterly revenue was up 30.8% on a year-over-year basis. As a group, sell-side analysts forecast that GitLab will post -0.41 EPS for the current year.

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.