Insider Selling: GitLab Inc. (NASDAQ:GTLB) CEO Sells 84,776 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Sytse Sijbrandij also recently made the following trade(s):

• On Tuesday, October 15th, Sytse Sijbrandij sold 56,000 shares of GitLab stock. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00.

GitLab Stock Up 2.0 %

Shares of NASDAQ:GTLB opened at $62.15 on Thursday. The company has a market cap of $9.98 billion, a PE ratio of -26.56 and a beta of 0.45. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The firm has a 50-day simple moving average of $54.86 and a 200 day simple moving average of $51.39.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business’s revenue was up 30.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.29) earnings per share. As a group, research analysts forecast that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GTLB shares. Bank of America raised their price objective on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. TD Cowen raised their target price on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Scotiabank upped their price target on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. Finally, Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Monday, October 21st. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.38.

Institutional Investors Weigh In On GitLab

Several large investors have recently added to or reduced their stakes in GTLB. Allspring Global Investments Holdings LLC grew its position in shares of GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after acquiring an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in GitLab in the 3rd quarter valued at about $52,000. True Wealth Design LLC acquired a new position in GitLab during the 3rd quarter valued at about $56,000. Rakuten Securities Inc. grew its position in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Finally, Quarry LP increased its stake in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the period. 91.72% of the stock is owned by institutional investors and hedge funds.

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.