Stock Traders Purchase Large Volume of Call Options on GitLab (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB) was the target of some unusual options trading on Wednesday. Stock traders acquired 19,959 call options on the stock. This represents an increase of approximately 153% compared to the typical volume of 7,882 call options.

Analyst Upgrades and Downgrades

Several analysts have issued reports on GTLB shares. Mizuho dropped their target price on GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. TD Cowen upped their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday. DA Davidson reiterated a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research note on Thursday, August 29th. JPMorgan Chase & Co. cut their target price on GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Finally, KeyCorp lowered their price target on GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.63.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the sale, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The disclosure for this sale can be found here. Insiders sold 140,275 shares of company stock worth $6,848,847 in the last quarter. 21.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its holdings in shares of GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the period. Banque Cantonale Vaudoise purchased a new position in GitLab in the 1st quarter valued at $58,000. Future Financial Wealth Managment LLC acquired a new position in GitLab in the 1st quarter valued at $58,000. Quarry LP increased its stake in GitLab by 75.1% in the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after buying an additional 500 shares during the period. Finally, Tucker Asset Management LLC purchased a new position in GitLab during the 4th quarter worth $83,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded up $9.88 during trading hours on Wednesday, reaching $54.56. The stock had a trading volume of 7,160,860 shares, compared to its average volume of 2,531,221. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53. The firm’s 50 day moving average is $48.75 and its 200-day moving average is $53.11. The stock has a market capitalization of $8.67 billion, a price-to-earnings ratio of -19.67 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The company’s revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.29) EPS. Analysts forecast that GitLab will post -0.5 EPS for the current year.

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.