GitLab (NASDAQ:GTLB) Trading Down 1.3% Following Insider Selling

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) dropped 1.3% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $63.28 and last traded at $63.36. Approximately 433,058 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 2,148,673 shares. The stock had previously closed at $64.20.

Specifically, insider Sytse Sijbrandij sold 84,000 shares of the business's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Blasing sold 6,500 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the sale, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. This trade represents a 4.82 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GTLB shares. Cantor Fitzgerald increased their price objective on GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Morgan Stanley boosted their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Piper Sandler lifted their target price on GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Mizuho lifted their price objective on GitLab from $67.00 to $80.00 and gave the stock an "outperform" rating in a report on Monday, December 9th. Finally, Barclays upped their target price on GitLab from $55.00 to $70.00 and gave the company an "equal weight" rating in a research note on Monday, December 9th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, GitLab currently has an average rating of "Moderate Buy" and a consensus target price of $76.42.

GitLab Stock Performance

The stock has a market capitalization of $10.23 billion, a price-to-earnings ratio of -196.94 and a beta of 0.57. The firm's fifty day simple moving average is $61.30 and its 200 day simple moving average is $54.79.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently added to or reduced their stakes in GTLB. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab in the 3rd quarter valued at about $52,000. True Wealth Design LLC acquired a new stake in GitLab in the 3rd quarter valued at approximately $56,000. Raleigh Capital Management Inc. bought a new stake in GitLab in the 4th quarter valued at approximately $66,000. Rakuten Securities Inc. boosted its position in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock worth $73,000 after acquiring an additional 1,032 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company's stock valued at $89,000 after purchasing an additional 1,502 shares during the last quarter. 95.04% of the stock is 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.