GitLab (NASDAQ:GTLB) Sees Large Volume Increase

Shares of GitLab Inc. (NASDAQ:GTLB) saw strong trading volume on Wednesday . 2,086,055 shares traded hands during trading, a decline of 18% from the previous session’s volume of 2,556,378 shares.The stock last traded at $47.90 and had previously closed at $43.60.

Analyst Ratings Changes

A number of brokerages have recently weighed in on GTLB. BTIG Research reduced their price target on shares of GitLab from $71.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. UBS Group dropped their target price on shares of GitLab from $81.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. TD Cowen reduced their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Tuesday, March 5th. Wolfe Research upgraded shares of GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 price objective on the stock in a report on Wednesday, March 6th. Finally, DA Davidson reduced their target price on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. Four investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus price target of $67.70.

GitLab Price Performance

The stock’s 50-day moving average is $50.74 and its 200 day moving average is $59.19. The company has a market cap of $7.86 billion, a PE ratio of -17.98 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The business had revenue of $169.19 million for the quarter, compared to analyst estimates of $165.66 million. On average, analysts expect that GitLab Inc. will post -0.5 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total value of $530,381.82. Following the completion of the transaction, the chief financial officer now owns 293,508 shares in the company, valued at approximately $13,342,873.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total transaction of $530,381.82. Following the completion of the transaction, the chief financial officer now owns 293,508 shares in the company, valued at approximately $13,342,873.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brian G. Robins sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $56.08, for a total value of $3,364,800.00. Following the completion of the transaction, the chief financial officer now directly owns 346,146 shares of the company’s stock, valued at $19,411,867.68. The disclosure for this sale can be found here. Insiders sold a total of 139,828 shares of company stock valued at $7,500,119 over the last quarter. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

A number of large investors have recently bought and sold shares of the stock. Byrne Asset Management LLC purchased a new stake in shares of GitLab in the first quarter valued at $33,000. Allspring Global Investments Holdings LLC lifted its holdings in GitLab by 2,107.7% in the 1st 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 in the last quarter. Ramirez Asset Management Inc. acquired a new stake in shares of GitLab during the 3rd quarter worth about $36,000. SRS Capital Advisors Inc. purchased a new stake in shares of GitLab during the third quarter worth about $40,000. Finally, Banque Cantonale Vaudoise acquired a new position in shares of GitLab in the first quarter valued at approximately $58,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.