Sytse Sijbrandij Sells 56,000 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $54.92, for a total value of $3,075,520.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Sytse Sijbrandij also recently made the following trade(s):

• On Monday, March 18th, Sytse Sijbrandij sold 75,000 shares of GitLab stock. The stock was sold at an average price of $55.19, for a total value of $4,139,250.00.
• On Friday, March 15th, Sytse Sijbrandij sold 230,000 shares of GitLab stock. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00.

GitLab Trading Down 1.8 %

NASDAQ GTLB opened at $52.56 on Friday. The stock’s 50 day moving average is $62.20 and its 200 day moving average is $57.87. GitLab Inc. has a 12 month low of $26.24 and a 12 month high of $78.53. The stock has a market cap of $8.34 billion, a PE ratio of -19.11 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Monday, March 4th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The company had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $157.89 million. During the same period in the previous year, the firm earned ($0.26) EPS. The firm’s revenue was up 33.3% compared to the same quarter last year. On average, analysts forecast that GitLab Inc. will post -0.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GTLB has been the subject of several research analyst reports. TD Cowen reduced their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Tuesday, March 5th. Raymond James upgraded GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a research note on Friday, April 12th. Truist Financial restated a “buy” rating and set a $80.00 price target on shares of GitLab in a research note on Monday, April 1st. KeyCorp began coverage on GitLab in a research note on Tuesday, March 19th. They set an “overweight” rating and a $70.00 price target for the company. Finally, Wells Fargo & Company began coverage on GitLab in a research note on Tuesday, April 9th. They set an “overweight” rating and a $70.00 price target for the company. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus target price of $70.73.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. SeaCrest Wealth Management LLC purchased a new position in GitLab in the 1st quarter worth approximately $363,000. State of Michigan Retirement System purchased a new stake in shares of GitLab during the 1st quarter worth approximately $1,008,000. Allspring Global Investments Holdings LLC raised its holdings in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after acquiring an additional 548 shares in the last quarter. Diversified Trust Co raised its holdings in shares of GitLab by 181.6% during the 1st quarter. Diversified Trust Co now owns 12,188 shares of the company’s stock worth $711,000 after acquiring an additional 7,860 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of GitLab by 629.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 63,904 shares of the company’s stock worth $3,727,000 after acquiring an additional 75,981 shares in the last quarter. 91.72% 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.