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

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares dropped 0.7% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $71.61 and last traded at $72.63. Approximately 624,498 shares traded hands during mid-day trading, a decline of 78% from the average daily 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 firm's stock in a transaction dated Monday, February 3rd. The stock was 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 of the company's stock, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

GTLB has been the topic of a number of research reports. Scotiabank lifted their price target on shares of GitLab from $65.00 to $75.00 and gave the company a "sector outperform" rating in a research note on Wednesday, December 4th. Mizuho boosted their price objective on shares of GitLab from $67.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday, December 9th. Robert W. Baird increased their target price on GitLab from $62.00 to $75.00 and gave the stock an "outperform" rating in a report on Friday, December 6th. TD Cowen lifted their price target on GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. Finally, KeyCorp upped their price objective on GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a research report 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 issued a strong buy rating to the stock. According to MarketBeat.com, GitLab has an average rating of "Moderate Buy" and a consensus price target of $76.42.

GitLab Price Performance

The stock has a market capitalization of $11.45 billion, a P/E ratio of -220.47 and a beta of 0.63. The stock's 50-day simple moving average is $63.04 and its 200 day simple moving average is $56.50.

Institutional Trading of GitLab

Several hedge funds have recently added to or reduced their stakes in GTLB. HighTower Advisors LLC acquired a new stake in GitLab during the fourth quarter worth about $289,000. Clare Market Investments LLC bought a new position in GitLab in the fourth quarter valued at approximately $218,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in GitLab by 9.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,980 shares of the company's stock valued at $1,577,000 after purchasing an additional 2,426 shares in the last quarter. Amundi lifted its stake in GitLab by 613.0% during the fourth quarter. Amundi now owns 616,806 shares of the company's stock worth $38,020,000 after purchasing an additional 530,297 shares during the last quarter. Finally, Intellectus Partners LLC acquired a new stake in shares of GitLab in the 4th quarter valued at $200,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.