GitLab (NASDAQ:GTLB) Stock: Insider Sivaprasad Padisetty Sells 51,915 Shares

GitLab Inc. (NASDAQ:GTLB) CTO Sivaprasad Padisetty sold 51,915 shares of the company’s stock in a transaction dated Monday, September 28th. The stock was sold at an average price of $45.78, for a total value of $2,376,668.70. Following the completion of the sale, the chief technology officer owned 377,211 shares in the company, valued at $17,268,719.58. The trade was a 12.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

GitLab Stock Performance

Shares of GTLB stock traded down $0.64 on Monday, reaching $46.21. 5,194,505 shares of the company were exchanged, compared to its average volume of 5,740,912. GitLab Inc. has a 1 year low of $18.73 and a 1 year high of $55.55. The business has a 50-day moving average price of $42.46 and a 200 day moving average price of $31.76. The company has a market cap of $7.70 billion, a price-to-earnings ratio of -144.40 and a beta of 0.99.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.06. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%.The company had revenue of $286.25 million for the quarter, compared to analysts’ expectations of $273.13 million. During the same period in the previous year, the firm posted $0.24 EPS. GitLab’s revenue was up 21.3% compared to the same quarter last year. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. As a group, equities analysts anticipate that GitLab Inc. will post -0.28 earnings per share for the current year.

Institutional Trading of GitLab

Large investors have recently made changes to their positions in the company. State Street Corp increased its position in GitLab by 3.2% during the 2nd quarter. State Street Corp now owns 2,632,173 shares of the company’s stock worth $80,351,000 after purchasing an additional 81,807 shares during the period. SkyView Investment Advisors LLC purchased a new stake in shares of GitLab during the 2nd quarter worth $305,000. The Manufacturers Life Insurance Company grew its stake in shares of GitLab by 20.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,187 shares of the company’s stock worth $1,410,000 after purchasing an additional 7,981 shares during the period. Tidal Investments LLC increased its holdings in shares of GitLab by 52.3% in the 2nd quarter. Tidal Investments LLC now owns 29,289 shares of the company’s stock valued at $894,000 after purchasing an additional 10,054 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in shares of GitLab in the second quarter valued at about $256,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GTLB has been the topic of a number of recent research reports. Weiss Ratings lowered shares of GitLab from a “sell (d)” rating to a “sell (e+)” rating in a research report on Wednesday, September 2nd. Zacks Research downgraded shares of GitLab from a “hold” rating to a “strong sell” rating in a research note on Friday, September 4th. DA Davidson increased their price target on shares of GitLab from $45.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, September 2nd. Sanford C. Bernstein reiterated an “outperform” rating on shares of GitLab in a report on Wednesday, September 2nd. Finally, Canaccord Genuity Group raised their target price on GitLab from $40.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $51.75.

GitLab Company Profile

GitLab Inc (NASDAQ:GTLB) develops a software development and collaboration platform designed to help organizations plan, create, secure and deploy applications. Its platform brings together source code management, project planning, code review, continuous integration and continuous delivery (CI/CD), application security, compliance and monitoring capabilities in a unified DevSecOps environment.

GitLab serves businesses, government organizations and educational institutions across a range of industries and geographies.