GitLab (NASDAQ:GTLB) Trading Down 1.4% Following Insider Selling

GitLab Inc. (NASDAQ:GTLB)’s share price dropped 1.4% during trading on Thursday following insider selling activity. The company traded as low as $68.35 and last traded at $69.36. Approximately 740,793 shares changed hands during trading, a decline of 74% from the average daily volume of 2,796,350 shares. The stock had previously closed at $70.33.

Specifically, insider Robin Schulman sold 9,251 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the sale, the insider now owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. This represents a 7.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. The Goldman Sachs Group upped their price target on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Canaccord Genuity Group raised their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. boosted their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. KeyCorp raised their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Scotiabank boosted their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Up 4.9 %

The firm has a 50 day simple moving average of $62.38 and a two-hundred day simple moving average of $55.86. The stock has a market capitalization of $11.81 billion, a P/E ratio of -227.38 and a beta of 0.57.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB boosted its position in GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after buying an additional 150 shares in the last quarter. Bank of Marin boosted its holdings in shares of GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after acquiring an additional 171 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after acquiring an additional 281 shares during the last quarter. Glenmede Trust Co. NA increased its holdings in GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after purchasing an additional 334 shares in the last quarter. Finally, Blue Trust Inc. raised its position in GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after purchasing an additional 488 shares during the last quarter. 95.04% of the stock is currently 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.