GitLab (NASDAQ:GTLB) Stock Price Down 1.5% Following Insider Selling

GitLab Inc. (NASDAQ:GTLB) traded down 1.5% on Wednesday after an insider sold shares in the company. The company traded as low as $63.91 and last traded at $64.11. 601,921 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 2,201,764 shares. The stock had previously closed at $65.07.

Specifically, insider Robin Schulman sold 9,251 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $65.00, for a total transaction of $601,315.00. Following the transaction, the insider now owns 121,893 shares of the company’s stock, valued at approximately $7,923,045. This trade represents a 7.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. In related news, Director Karen Blasing sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the sale, the director now owns 128,233 shares of the company’s stock, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several recent research reports. Truist Financial restated a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Mizuho upped their price target on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. DA Davidson lifted their target price on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. TD Cowen upped their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Finally, Canaccord Genuity Group upped their price target on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Three investment 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 company. According to MarketBeat, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Trading Up 1.3 %

The stock has a fifty day simple moving average of $61.57 and a 200-day simple moving average of $55.10. The stock has a market cap of $10.52 billion, a price-to-earnings ratio of -202.47 and a beta of 0.57.

Institutional Investors Weigh In On GitLab

Hedge funds and other institutional investors have recently modified their holdings of the stock. Los Angeles Capital Management LLC bought a new stake in shares of GitLab in the 3rd quarter worth approximately $30,827,000. Atreides Management LP bought a new position in GitLab in the third quarter worth $25,605,000. Thrivent Financial for Lutherans lifted 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 worth $28,577,000 after purchasing an additional 312,119 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted 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 buying an additional 293,332 shares in the last quarter. Finally, ARK Investment Management LLC bought a new stake in GitLab in the 3rd 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.