GitLab (NASDAQ:GTLB) Shares Down 1.4% After Insider Selling

Shares of GitLab Inc. (NASDAQ:GTLB) traded down 1.4% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $68.35 and last traded at $69.36. 740,793 shares were traded during mid-day trading, a decline of 74% from the average session volume of 2,796,350 shares. The stock had previously closed at $70.33.

Specifically, insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the sale, the insider now owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

A number of research firms recently weighed in on GTLB. TD Cowen raised their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Truist Financial restated a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Robert W. Baird upped their price target on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. KeyCorp increased their price objective on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Finally, Cantor Fitzgerald boosted their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Trading Up 4.9 %

The company has a 50 day moving average of $62.38 and a 200 day moving average of $55.86. The firm has a market cap of $11.81 billion, a price-to-earnings ratio of -227.38 and a beta of 0.57.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently modified their holdings of GTLB. Y Intercept Hong Kong Ltd acquired a new position in GitLab in the 3rd quarter worth $678,000. State Street Corp grew its holdings in shares of GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares in the last quarter. Barclays PLC raised its position in GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after buying an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in GitLab in the 3rd quarter valued at approximately $6,865,000. Finally, Jackson Square Capital LLC boosted its position in GitLab by 328.1% during the 4th quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock worth $2,062,000 after acquiring an additional 28,050 shares during 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.