GitLab (NASDAQ:GTLB) Trading Down 5.9% Following Insider Selling

GitLab Inc. (NASDAQ:GTLBGet Free Report)’s stock price fell 5.9% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $49.84 and last traded at $49.88. 451,155 shares were traded during mid-day trading, a decline of 83% from the average session volume of 2,604,590 shares. The stock had previously closed at $53.00.

Specifically, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $54.92, for a total value of $3,075,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $54.92, for a total value of $3,075,520.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total transaction of $508,214.52. Following the completion of the transaction, the chief financial officer now directly owns 305,175 shares in the company, valued at approximately $13,293,423. The disclosure for this sale can be found here. Insiders sold a total of 106,611 shares of company stock worth $5,473,635 in the last three months. Company insiders own 21.36% of the company’s stock.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 price target on shares of GitLab in a research report on Friday, June 28th. Citic Securities started coverage on shares of GitLab in a research report on Monday, June 3rd. They issued a “buy” rating and a $80.00 price target on the stock. DA Davidson dropped their target price on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Canaccord Genuity Group dropped their target price on shares of GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Finally, Wells Fargo & Company started coverage on shares of GitLab in a research report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 target price on the stock. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.30.

Get Our Latest Stock Analysis on GitLab

GitLab Stock Performance

The firm has a market capitalization of $8.06 billion, a PE ratio of -18.44 and a beta of 0.46. The business’s 50 day moving average is $50.27 and its two-hundred day moving average is $58.46.

GitLab (NASDAQ:GTLBGet Free Report) last released its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The business had revenue of $169.19 million during the quarter, compared to analyst estimates of $165.66 million. As a group, equities research analysts predict that GitLab Inc. will post -0.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC grew its stake in GitLab by 5.3% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock valued at $346,000 after buying an additional 276 shares in the last quarter. Atria Wealth Solutions Inc. grew its position in shares of GitLab by 2.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 14,582 shares of the company’s stock valued at $918,000 after purchasing an additional 290 shares in the last quarter. Asset Management One Co. Ltd. grew its position in shares of GitLab by 2.6% during the 4th quarter. Asset Management One Co. Ltd. now owns 11,900 shares of the company’s stock valued at $769,000 after purchasing an additional 300 shares in the last quarter. Park Avenue Securities LLC grew its position in shares of GitLab by 9.6% during the 1st quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock valued at $207,000 after purchasing an additional 311 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its position in shares of GitLab by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 38,900 shares of the company’s stock valued at $2,449,000 after purchasing an additional 380 shares in the last quarter. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

About GitLab

(Get Free Report)

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.

Further Reading

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