GitLab (NASDAQ:GTLB) Trading Down 1.3% After Insider Selling

Shares of GitLab Inc. (NASDAQ:GTLB) dropped 1.3% during mid-day trading on Friday following insider selling activity. The company traded as low as $63.28 and last traded at $63.36. Approximately 433,058 shares traded hands during trading, a decline of 80% from the average daily volume of 2,148,673 shares. The stock had previously closed at $64.20.

Specifically, insider Sytse Sijbrandij sold 84,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen Blasing sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the transaction, the director now directly owns 128,233 shares in the company, valued at approximately $8,103,043.27. The trade was a 4.82 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several brokerages have recently commented on GTLB. Robert W. Baird increased their price target on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Royal Bank of Canada increased their target price on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. DA Davidson boosted their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. KeyCorp increased their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Truist Financial restated a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Trading Down 1.3 %

The stock has a market cap of $10.28 billion, a P/E ratio of -198.00 and a beta of 0.57. The company’s fifty day simple moving average is $61.25 and its 200-day simple moving average is $54.71.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC acquired a new stake in GitLab during the third quarter valued at approximately $30,827,000. Atreides Management LP acquired a new stake in GitLab in the 3rd quarter valued at $25,605,000. Thrivent Financial for Lutherans grew its position in GitLab by 128.8% in the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after acquiring an additional 312,119 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in GitLab by 6,821.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after acquiring an additional 293,332 shares in the last quarter. Finally, ARK Investment Management LLC bought a new position in shares of GitLab during the third quarter valued at $13,435,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.