Shares of GitLab Inc. (NASDAQ:GTLB – Get Free Report) were down 2.1% on Friday following insider selling activity. The stock traded as low as $41.03 and last traded at $41.14. Approximately 992,193 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 2,774,519 shares. The stock had previously closed at $42.04.
Specifically, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $41.44, for a total value of $4,500,384.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on GTLB. JPMorgan Chase & Co. dropped their target price on shares of GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a research report on Wednesday, June 11th. Canaccord Genuity Group reduced their target price on shares of GitLab from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, June 12th. Robert W. Baird reduced their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Wells Fargo & Company cut their price target on shares of GitLab from $65.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 11th. Finally, Truist Financial reiterated a “buy” rating and issued a $75.00 price target (down from $80.00) on shares of GitLab in a research report on Wednesday, June 11th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $63.59.
GitLab Stock Down 3.0%
The firm has a market capitalization of $6.73 billion, a price-to-earnings ratio of 407.60 and a beta of 0.75. The stock’s fifty day moving average is $46.26 and its two-hundred day moving average is $54.64.
GitLab (NASDAQ:GTLB – Get Free Report) last issued its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The business had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period in the previous year, the company earned $0.03 earnings per share. The firm’s revenue for the quarter was up 26.8% on a year-over-year basis. As a group, analysts anticipate that GitLab Inc. will post -0.31 EPS for the current year.
Hedge Funds Weigh In On GitLab
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its position in shares of GitLab by 9,968.3% in the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company’s stock valued at $2,030,000 after acquiring an additional 42,764 shares during the period. Swiss National Bank lifted its position in GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company’s stock worth $12,115,000 after purchasing an additional 7,700 shares during the period. Park Avenue Securities LLC raised its stake in GitLab by 5.3% during the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company’s stock worth $357,000 after acquiring an additional 381 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after acquiring an additional 1,153 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC raised its stake in GitLab by 19.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company’s stock worth $309,000 after acquiring an additional 1,065 shares in the last quarter. 95.04% of the stock is owned by institutional investors.
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.
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