GitLab (NASDAQ:GTLB) Shares Gap Down After Insider Selling

GitLab Inc. (NASDAQ:GTLB)’s share price gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $48.55, but opened at $46.39. GitLab shares last traded at $46.63, with a volume of 298,713 shares.

Specifically, CEO Sytse Sijbrandij sold 155,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $48.45, for a total value of $7,509,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $48.20, for a total transaction of $482,000.00. Following the completion of the transaction, the chief financial officer now owns 474,338 shares in the company, valued at approximately $22,863,091.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 155,000 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $48.45, for a total value of $7,509,750.00. The disclosure for this sale can be found here. Insiders sold 701,756 shares of company stock worth $34,216,334 in the last quarter. 28.04% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GTLB shares. Canaccord Genuity Group started coverage on GitLab in a report on Tuesday, September 12th. They set a “buy” rating and a $62.00 price objective on the stock. TD Cowen increased their price objective on GitLab from $56.00 to $63.00 and gave the stock an “outperform” rating in a report on Wednesday, September 6th. Sanford C. Bernstein started coverage on GitLab in a report on Monday, September 11th. They set an “outperform” rating and a $62.00 price objective on the stock. Canaccord Genuity Group initiated coverage on GitLab in a report on Tuesday, September 12th. They set a “buy” rating and a $62.00 price objective on the stock. Finally, Piper Sandler raised their price target on GitLab from $52.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, September 6th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.39.

GitLab Trading Down 3.6 %

The firm has a market capitalization of $7.24 billion, a PE ratio of -36.86 and a beta of 0.19. The stock has a 50 day simple moving average of $45.68 and a 200 day simple moving average of $44.78.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.04. GitLab had a negative return on equity of 21.02% and a negative net margin of 37.77%. The firm had revenue of $139.58 million for the quarter, compared to analysts’ expectations of $129.81 million. During the same period in the previous year, the firm earned ($0.40) earnings per share. The business’s revenue was up 38.1% compared to the same quarter last year. As a group, equities analysts anticipate that GitLab Inc. will post -1.13 earnings per share for the current year.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently made changes to their positions in GTLB. Assetmark Inc. boosted its holdings in GitLab by 352.7% in the first quarter. Assetmark Inc. now owns 19,275 shares of the company’s stock worth $661,000 after acquiring an additional 15,017 shares in the last quarter. Arete Wealth Advisors LLC bought a new stake in GitLab in the first quarter worth $1,441,000. Bank of New York Mellon Corp boosted its holdings in GitLab by 21.8% in the first quarter. Bank of New York Mellon Corp now owns 290,286 shares of the company’s stock worth $9,954,000 after acquiring an additional 51,977 shares in the last quarter. Credit Suisse AG boosted its holdings in GitLab by 18.4% in the first quarter. Credit Suisse AG now owns 88,377 shares of the company’s stock worth $3,030,000 after acquiring an additional 13,713 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its holdings in GitLab by 128.1% in the first quarter. Y Intercept Hong Kong Ltd now owns 14,388 shares of the company’s stock worth $493,000 after acquiring an additional 8,080 shares in the last quarter. 54.15% 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.