GitLab (NASDAQ:GTLB) Trading Down 2.1% After Insider Selling

GitLab Inc. (NASDAQ:GTLB) was down 2.1% on Friday after an insider sold shares in the company. The company traded as low as $41.03 and last traded at $41.14. Approximately 992,193 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 2,774,519 shares. The stock had previously closed at $42.04.

Specifically, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Monday, June 16th. The shares were sold at an average price of $41.44, for a total value of $4,500,384.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

A number of research firms have commented on GTLB. BTIG Research decreased their price objective on shares of GitLab from $86.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, June 11th. Raymond James Financial decreased their price objective on shares of GitLab from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, June 11th. Cantor Fitzgerald decreased their price objective on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, June 11th. Macquarie decreased their price objective on shares of GitLab from $90.00 to $75.00 and set an “outperform” rating for the company in a report on Wednesday, June 11th. Finally, Cowen reaffirmed a “buy” rating on shares of GitLab in a report on Friday, June 6th. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.59.

GitLab Stock Down 3.0%

The stock’s 50-day moving average is $46.26 and its 200 day moving average is $54.64. The stock has a market capitalization of $6.73 billion, a PE ratio of 407.60 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The firm had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The firm’s revenue was up 26.8% on a year-over-year basis. As a group, equities research analysts forecast that GitLab Inc. will post -0.31 EPS for the current year.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently modified their holdings of GTLB. Cullen Frost Bankers Inc. lifted its stake in shares of GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after buying an additional 334 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares during the last quarter. Cloud Capital Management LLC acquired a new position in GitLab during the 1st quarter valued at $29,000. Twin Tree Management LP acquired a new position in GitLab during the 1st quarter valued at $29,000. Finally, CoreCap Advisors LLC raised its stake in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

About GitLab

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.