Investors Purchase Large Volume of GitLab Put Options (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB) was the target of some unusual options trading activity on Friday. Stock investors purchased 10,622 put options on the company. This is an increase of approximately 48% compared to the average volume of 7,185 put options.

GitLab Stock Performance

Shares of GTLB stock opened at $52.87 on Friday. The business has a fifty day simple moving average of $56.39 and a 200-day simple moving average of $58.75. GitLab has a fifty-two week low of $28.39 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. The company had revenue of $163.80 million for the quarter, compared to the consensus estimate of $157.89 million. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. GitLab’s revenue was up 33.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.26) earnings per share. On average, sell-side analysts expect that GitLab will post -0.96 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on GTLB shares. Bank of America cut their target price on GitLab from $88.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, March 5th. Capital One Financial began coverage on GitLab in a research note on Friday, March 22nd. They issued an “overweight” rating and a $72.00 price target for the company. KeyCorp began coverage on GitLab in a report on Tuesday, March 19th. They issued an “overweight” rating and a $70.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 5th. Finally, UBS Group cut their target price on GitLab from $81.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.73.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 13,000 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $72.56, for a total value of $943,280.00. Following the transaction, the chief financial officer now owns 319,300 shares of the company’s stock, valued at $23,168,408. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $54.92, for a total transaction of $3,075,520.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 13,000 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $72.56, for a total value of $943,280.00. Following the completion of the sale, the chief financial officer now directly owns 319,300 shares in the company, valued at $23,168,408. The disclosure for this sale can be found here. Insiders have sold 446,383 shares of company stock valued at $24,575,808 in the last 90 days. 21.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

Hedge funds have recently bought and sold shares of the company. Byrne Asset Management LLC acquired a new position in GitLab during the 1st quarter worth $33,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the period. Ramirez Asset Management Inc. bought a new position in GitLab during the third quarter worth $36,000. SRS Capital Advisors Inc. acquired a new stake in GitLab during the third quarter worth $40,000. Finally, Banque Cantonale Vaudoise bought a new stake in GitLab in the first quarter valued at $58,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

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.