GitLab (NASDAQ:GTLB) Shares Down 1.3% Following Insider Selling

Shares of GitLab Inc. (NASDAQ:GTLB) fell 1.3% during trading on Friday following insider selling activity. The stock traded as low as $63.28 and last traded at $63.36. 433,058 shares changed hands during trading, a decline of 80% from the average session volume of 2,148,673 shares. The stock had previously closed at $64.20.

Specifically, insider Sytse Sijbrandij sold 84,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karen Blasing sold 6,500 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the transaction, the director now directly owns 128,233 shares in the company, valued at approximately $8,103,043.27. The trade was a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GTLB shares. Royal Bank of Canada upped their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. TD Cowen increased their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. JPMorgan Chase & Co. boosted their price objective on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Morgan Stanley raised their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, KeyCorp boosted their price target on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Down 1.8 %

The stock has a market capitalization of $10.23 billion, a PE ratio of -196.94 and a beta of 0.57. The stock has a 50 day moving average price of $61.30 and a 200-day moving average price of $54.79.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. Los Angeles Capital Management LLC bought a new position in shares of GitLab in the 3rd quarter worth approximately $30,827,000. Atreides Management LP purchased a new stake in GitLab during the third quarter valued at approximately $25,605,000. Thrivent Financial for Lutherans raised 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 acquiring an additional 312,119 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of GitLab by 6,821.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after acquiring an additional 293,332 shares during the last quarter. Finally, ARK Investment Management LLC bought a new stake in shares of GitLab during the 3rd quarter valued at $13,435,000. 95.04% 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.