GitLab (NASDAQ:GTLB) Trading Down 0.7% on Insider Selling

Shares of GitLab Inc. (NASDAQ:GTLB) were down 0.7% during trading on Thursday after an insider sold shares in the company. The company traded as low as $71.61 and last traded at $72.63. Approximately 624,498 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 2,883,952 shares. The stock had previously closed at $73.14.

Specifically, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

Several equities analysts have weighed in on GTLB shares. Macquarie reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a report on Wednesday, January 15th. Scotiabank lifted their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, January 7th. DA Davidson lifted their price objective on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Trading Down 2.3 %

The business has a 50-day moving average of $62.75 and a two-hundred day moving average of $56.27. The firm has a market cap of $11.60 billion, a P/E ratio of -223.28 and a beta of 0.63.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently made changes to their positions in GTLB. ARK Investment Management LLC grew its position in shares of GitLab by 345.2% in the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock valued at $65,394,000 after buying an additional 899,823 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of GitLab in the 3rd quarter valued at about $30,827,000. Atreides Management LP bought a new stake in shares of GitLab in the 3rd quarter valued at about $25,605,000. Thrivent Financial for Lutherans grew its position in shares of 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 during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of 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 during the last quarter. Institutional investors own 95.04% of the company’s stock.

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.