GitLab (NASDAQ:GTLB) Trading Down 0.6% Following Insider Selling

GitLab Inc. (NASDAQ:GTLB) fell 0.6% on Thursday after an insider sold shares in the company. The stock traded as low as $62.49 and last traded at $63.27. 458,648 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 2,236,012 shares. The stock had previously closed at $63.68.

Specifically, insider Robin Schulman sold 9,251 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $65.00, for a total transaction of $601,315.00. Following the completion of the sale, the insider now owns 121,893 shares of the company’s stock, valued at $7,923,045. This represents a 7.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Wall Street Analyst Weigh In

A number of research firms have commented on GTLB. The Goldman Sachs Group upped their price target on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Cantor Fitzgerald lifted their price target on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Mizuho upped their price target on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Macquarie reaffirmed an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research report on Wednesday, January 15th. Finally, Morgan Stanley raised 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 equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Trading Down 0.5 %

The company has a market capitalization of $10.29 billion, a PE ratio of -197.72 and a beta of 0.57. The stock’s 50-day moving average is $61.51 and its two-hundred day moving average is $55.04.

Hedge Funds Weigh In On GitLab

A number of large investors have recently bought and sold shares of the business. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab in the 3rd quarter valued at about $52,000. True Wealth Design LLC purchased a new position in GitLab during the 3rd quarter worth $56,000. Raleigh Capital Management Inc. acquired a new position in GitLab during the 4th quarter valued at about $66,000. Rakuten Securities Inc. raised its stake in GitLab by 268.1% in 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. Finally, Quarry LP boosted its holdings in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

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.