Traders Buy Large Volume of GitLab Call Options (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB) was the target of some unusual options trading on Tuesday. Traders acquired 12,124 call options on the company. This represents an increase of 88% compared to the typical volume of 6,433 call options.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GTLB. Royal Bank of Canada increased their price objective 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. Truist Financial reissued a “buy” rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. TD Cowen increased their price objective on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Wells Fargo & Company increased their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, Macquarie reaffirmed an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research report on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

Insider Activity at GitLab

In other GitLab news, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the sale, the director now directly owns 58,471 shares in the company, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 825,698 shares of company stock worth $49,549,749 over the last three months. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several large investors have recently modified their holdings of GTLB. Los Angeles Capital Management LLC purchased a new stake in shares of GitLab during the 3rd quarter worth approximately $30,827,000. Atreides Management LP purchased a new position in GitLab in the 3rd quarter valued at approximately $25,605,000. Thrivent Financial for Lutherans grew its stake in GitLab by 128.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after buying an additional 312,119 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in GitLab by 6,821.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock valued at $15,340,000 after buying an additional 293,332 shares in the last quarter. Finally, ARK Investment Management LLC purchased a new position in GitLab in the 3rd quarter valued at approximately $13,435,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Trading Up 9.9 %

Shares of GTLB stock traded up $6.39 during trading hours on Tuesday, hitting $71.15. 3,726,960 shares of the company were exchanged, compared to its average volume of 2,574,092. The firm has a fifty day simple moving average of $61.66 and a 200 day simple moving average of $55.25. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53. The stock has a market capitalization of $11.55 billion, a price-to-earnings ratio of -223.48 and a beta of 0.57.

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.