GitLab (NASDAQ:GTLB) Shares Down 0.6% on Insider Selling

Shares of GitLab Inc. (NASDAQ:GTLB) traded down 0.6% during trading on Thursday following insider selling activity. The company traded as low as $62.49 and last traded at $63.27. 458,648 shares changed hands during trading, a decline of 79% from the average session volume of 2,236,012 shares. The stock had previously closed at $63.68.

Specifically, insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $65.00, for a total value 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. The trade was a 7.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GTLB. Barclays lifted their target price on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. JPMorgan Chase & Co. boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Canaccord Genuity Group lifted their price target on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Cantor Fitzgerald increased their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three 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.com, GitLab currently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Up 0.4 %

The stock has a market cap of $10.38 billion, a PE ratio of -199.81 and a beta of 0.57. The firm has a fifty day simple moving average of $61.51 and a two-hundred day simple moving average of $55.04.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GTLB. Future Financial Wealth Managment LLC purchased a new position in GitLab in the 3rd quarter worth approximately $52,000. True Wealth Design LLC bought a new stake in shares of GitLab during the 3rd quarter worth $56,000. Raleigh Capital Management Inc. purchased a new position in GitLab in the fourth quarter worth $66,000. Rakuten Securities Inc. grew its position in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares in the last quarter. Finally, Quarry LP increased its stake in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after acquiring an additional 1,502 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

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.