GitLab (NASDAQ:GTLB) Shares Down 0.6% on Insider Selling

GitLab Inc. (NASDAQ:GTLB)’s share price traded down 0.6% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $62.49 and last traded at $63.27. 458,648 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 2,236,012 shares. The stock had previously closed at $63.68.

Specifically, insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $65.00, for a total transaction of $601,315.00. Following the transaction, the insider now owns 121,893 shares in the company, valued at $7,923,045. This trade represents a 7.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

GTLB has been the subject of several recent analyst reports. Macquarie reaffirmed an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research report on Wednesday, January 15th. Cantor Fitzgerald upped their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Morgan Stanley lifted their price target on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. The Goldman Sachs Group raised their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Wells Fargo & Company lifted their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Down 0.5 %

The stock has a market cap of $10.29 billion, a PE ratio of -197.72 and a beta of 0.57. The firm has a 50-day simple moving average of $61.51 and a 200-day simple moving average of $55.04.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently modified their holdings of the company. Los Angeles Capital Management LLC purchased a new stake in GitLab in the 3rd quarter worth approximately $30,827,000. Atreides Management LP purchased a new position in shares of GitLab during the third quarter worth about $25,605,000. Thrivent Financial for Lutherans grew its position in GitLab by 128.8% during the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after acquiring an additional 312,119 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in GitLab by 6,821.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock valued at $15,340,000 after buying an additional 293,332 shares during the period. Finally, ARK Investment Management LLC purchased a new position in shares of GitLab in the third quarter worth about $13,435,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.