GitLab Inc. (NASDAQ:GTLB) CEO Sytse Sijbrandij Sells 56,000 Shares

GitLab Inc. (NASDAQ:GTLB) CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

GitLab Stock Down 0.1 %

GTLB traded down $0.07 during trading on Wednesday, hitting $54.35. 839,693 shares of the stock were exchanged, compared to its average volume of 2,427,720. GitLab Inc. has a 1-year low of $40.19 and a 1-year high of $78.53. The stock has a fifty day moving average price of $49.72 and a two-hundred day moving average price of $51.00. The firm has a market capitalization of $8.64 billion, a P/E ratio of -19.69 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the prior year, the firm earned ($0.29) EPS. GitLab’s revenue for the quarter was up 30.8% on a year-over-year basis. Analysts predict that GitLab Inc. will post -0.41 EPS for the current year.

Institutional Investors Weigh In On GitLab

Hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its position in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in GitLab during the third quarter worth about $52,000. Banque Cantonale Vaudoise purchased a new position in GitLab during the first quarter worth about $58,000. Quarry LP lifted its position 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 purchasing an additional 1,502 shares during the period. Finally, Canton Hathaway LLC boosted its holdings in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after purchasing an additional 435 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Barclays upped their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 5th. Royal Bank of Canada upped their price objective on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 target price on shares of GitLab in a report on Monday, August 19th. Wells Fargo & Company boosted their target price on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Bank of America increased their price target on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and an average price target of $66.22.

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.