Sytse Sijbrandij Sells 56,000 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CEO Sytse Sijbrandij sold 56,000 shares of the company’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 value of $3,075,520.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, March 18th, Sytse Sijbrandij sold 75,000 shares of GitLab stock. The stock was sold at an average price of $55.19, for a total value of $4,139,250.00.
• On Friday, March 15th, Sytse Sijbrandij sold 230,000 shares of GitLab stock. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00.

GitLab Trading Down 1.8 %

GTLB opened at $52.56 on Friday. The stock has a fifty day simple moving average of $62.20 and a two-hundred day simple moving average of $57.87. The company has a market cap of $8.34 billion, a price-to-earnings ratio of -19.11 and a beta of 0.45. GitLab Inc. has a 12-month low of $26.24 and a 12-month high of $78.53.

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

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake in shares of GitLab by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,871 shares of the company’s stock worth $494,000 after acquiring an additional 257 shares during the last quarter. FMR LLC grew its stake in shares of GitLab by 80.0% in the third quarter. FMR LLC now owns 603 shares of the company’s stock worth $27,000 after acquiring an additional 268 shares during the last quarter. Pursue Wealth Partners LLC grew its stake in shares of GitLab by 1.2% in the third quarter. Pursue Wealth Partners LLC now owns 23,911 shares of the company’s stock worth $1,081,000 after acquiring an additional 273 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in shares of GitLab by 5.3% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock worth $346,000 after acquiring an additional 276 shares during the last quarter. Finally, Osaic Holdings Inc. grew its stake in shares of GitLab by 5.7% in the second quarter. Osaic Holdings Inc. now owns 5,271 shares of the company’s stock worth $269,000 after acquiring an additional 285 shares during the last quarter. 91.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GTLB. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 5th. Sanford C. Bernstein increased their price objective on GitLab from $71.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. KeyCorp initiated coverage on GitLab in a research note on Tuesday, March 19th. They set an “overweight” rating and a $70.00 price objective for the company. Truist Financial reissued a “buy” rating and set a $80.00 price objective on shares of GitLab in a research note on Monday, April 1st. Finally, Wells Fargo & Company began coverage on GitLab in a report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 target price for the company. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus price target of $70.73.

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.