GitLab (NASDAQ:GTLB) Stock Price Down 1.3% After Insider Selling

GitLab Inc. (NASDAQ:GTLB)’s stock price was down 1.3% on Friday after an insider sold shares in the company. The company traded as low as $63.28 and last traded at $63.36. Approximately 433,058 shares changed hands during 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 firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Karen Blasing sold 6,500 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the completion of the sale, the director now directly owns 128,233 shares in the company, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several research firms have commented on GTLB. Robert W. Baird upped their target price 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. Mizuho increased 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. Wells Fargo & Company lifted their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Piper Sandler increased their price target on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Morgan Stanley lifted their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Down 1.3 %

The company’s 50-day moving average is $61.25 and its 200 day moving average is $54.71. The firm has a market cap of $10.28 billion, a PE ratio of -198.00 and a beta of 0.57.

Institutional Investors Weigh In On GitLab

Hedge funds have recently bought and sold shares of the business. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab in the 3rd quarter valued at about $52,000. True Wealth Design LLC acquired a new position in GitLab in the 3rd quarter valued at approximately $56,000. Rakuten Securities Inc. lifted its position in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares in the last quarter. Quarry LP lifted its position in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of GitLab during the 3rd quarter valued at $96,000. 95.04% of the stock is owned by hedge funds and other 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.