GitLab (NASDAQ:GTLB) Trading Down 0.7% on Insider Selling

GitLab Inc. (NASDAQ:GTLB) dropped 0.7% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $71.61 and last traded at $72.63. Approximately 624,498 shares changed hands during trading, a decline of 78% from the average daily volume of 2,883,952 shares. The stock had previously closed at $73.14.

Specifically, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of recent analyst reports. Barclays boosted their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Scotiabank boosted their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada boosted their price objective on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, January 7th. Finally, Mizuho upped their price target on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Three 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Price Performance

The company has a market capitalization of $11.60 billion, a P/E ratio of -223.28 and a beta of 0.63. The firm has a fifty day moving average price of $62.75 and a 200-day moving average price of $56.27.

Hedge Funds Weigh In On GitLab

Institutional investors have recently modified their holdings of the business. Future Financial Wealth Managment LLC bought a new position in shares of GitLab in the third quarter valued at approximately $52,000. True Wealth Design LLC bought a new position in shares of GitLab in the third quarter valued at approximately $56,000. Raleigh Capital Management Inc. bought a new position in shares of GitLab in the fourth quarter valued at approximately $66,000. Smartleaf Asset Management LLC grew its holdings in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after acquiring an additional 1,153 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in GitLab by 4,273.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock valued at $74,000 after purchasing an additional 1,282 shares during the period. 95.04% of the stock is owned by 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.