GitLab (NASDAQ:GTLB) Stock Price Down 1.5% on Insider Selling

GitLab Inc. (NASDAQ:GTLB)’s stock price dropped 1.5% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $63.91 and last traded at $64.11. Approximately 601,921 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 2,201,764 shares. The stock had previously closed at $65.07.

Specifically, insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $65.00, for a total value of $601,315.00. Following the completion of the sale, the insider now directly owns 121,893 shares in the company, valued at approximately $7,923,045. The trade was a 7.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. In related news, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total value of $410,735.00. Following the transaction, the director now owns 128,233 shares in the company, valued at $8,103,043.27. This trade represents a 4.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Wells Fargo & Company lifted their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Mizuho increased their price objective on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. TD Cowen boosted their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, Piper Sandler increased their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

GitLab Price Performance

The stock’s 50 day simple moving average is $61.57 and its two-hundred day simple moving average is $55.10. The company has a market capitalization of $10.52 billion, a P/E ratio of -202.47 and a beta of 0.57.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its stake in shares of GitLab by 4.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company’s stock valued at $5,593,000 after buying an additional 5,078 shares during the period. Amalgamated Bank raised its holdings in GitLab by 33.3% during the 2nd quarter. Amalgamated Bank now owns 8,005 shares of the company’s stock worth $398,000 after purchasing an additional 2,001 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in GitLab during the 2nd quarter valued at about $206,000. Hsbc Holdings PLC acquired a new position in GitLab during the 2nd quarter valued at about $627,000. Finally, Sei Investments Co. grew its position in shares of GitLab by 520.2% during the 2nd quarter. Sei Investments Co. now owns 128,145 shares of the company’s stock worth $6,371,000 after buying an additional 107,483 shares during the period. Institutional investors own 95.04% of the company’s stock.

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.