GitLab (NASDAQ:GTLB) Shares Down 1.5% Following Insider Selling

Shares of GitLab Inc. (NASDAQ:GTLB) traded down 1.5% during trading on Wednesday following insider selling activity. The stock traded as low as $63.91 and last traded at $64.11. 601,921 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 2,201,764 shares. The stock had previously closed at $65.07.

Specifically, insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $65.00, for a total transaction of $601,315.00. Following the completion of the transaction, the insider now directly owns 121,893 shares in the company, valued at approximately $7,923,045. This trade represents a 7.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were 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 that occurred on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the completion of the transaction, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. The trade was a 4.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

Several research firms have commented on GTLB. Royal Bank of Canada lifted their target price on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Cantor Fitzgerald increased their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. The Goldman Sachs Group upped their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Canaccord Genuity Group boosted their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. increased their price target on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

The company has a fifty day moving average price of $61.57 and a two-hundred day moving average price of $55.10. The firm has a market cap of $10.52 billion, a price-to-earnings ratio of -202.47 and a beta of 0.57.

Institutional Investors Weigh In On GitLab

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