GitLab Sees Unusually High Options Volume (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB) was the target of some unusual options trading activity on Wednesday. Stock investors purchased 12,289 call options on the company. This is an increase of 40% compared to the average volume of 8,775 call options.

GitLab Trading Up 11.4 %

GitLab stock opened at $48.56 on Thursday. The firm has a 50 day moving average of $50.90 and a 200 day moving average of $59.34. The firm has a market capitalization of $7.72 billion, a price-to-earnings ratio of -17.66 and a beta of 0.44. GitLab has a 12-month low of $40.19 and a 12-month high of $78.53.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GTLB shares. Barclays dropped their price target on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th. DA Davidson dropped their price target on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 4th. Truist Financial reiterated a “buy” rating and issued a $80.00 price target on shares of GitLab in a research note on Monday, April 1st. BTIG Research dropped their price target on shares of GitLab from $71.00 to $58.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Finally, Wolfe Research upgraded shares of GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 price target on the stock in a research note on Wednesday, March 6th. Four analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.70.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $54.92, for a total transaction of $3,075,520.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $54.92, for a total value of $3,075,520.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total transaction of $530,381.82. Following the completion of the sale, the chief financial officer now directly owns 293,508 shares in the company, valued at $13,342,873.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 139,828 shares of company stock valued at $7,500,119. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Norges Bank purchased a new stake in GitLab in the 4th quarter worth approximately $222,591,000. Capital Research Global Investors increased its holdings in GitLab by 78.5% in the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after acquiring an additional 3,096,437 shares in the last quarter. 1832 Asset Management L.P. purchased a new stake in GitLab in the 4th quarter worth approximately $76,918,000. Vanguard Group Inc. increased its holdings in GitLab by 12.9% in the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after acquiring an additional 1,070,994 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in GitLab in the 1st quarter worth approximately $49,196,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

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.