GitLab (NASDAQ:GTLB) Trading Down 0.7% Following Insider Selling

GitLab Inc. (NASDAQ:GTLB) shares traded down 0.7% on Thursday following insider selling activity. The stock traded as low as $71.61 and last traded at $72.63. 624,498 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,883,952 shares. The stock had previously closed at $73.14.

Specifically, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

GTLB has been the subject of a number of recent research reports. Truist Financial reissued a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. The Goldman Sachs Group boosted their price target on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. DA Davidson raised their price objective on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. TD Cowen lifted their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Finally, Royal Bank of Canada increased their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

The business has a 50-day moving average of $62.75 and a 200 day moving average of $56.27. The company has a market cap of $11.79 billion, a PE ratio of -226.98 and a beta of 0.63.

Institutional Trading of GitLab

Several large investors have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC bought a new position in GitLab in the 3rd quarter worth $52,000. True Wealth Design LLC purchased a new position in GitLab in the 3rd quarter worth approximately $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the fourth quarter worth $66,000. Smartleaf Asset Management LLC lifted its stake in GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its stake in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

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.