GitLab Target of Unusually High Options Trading (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB) saw some unusual options trading activity on Tuesday. Traders bought 12,124 call options on the company. This is an increase of approximately 88% compared to the typical volume of 6,433 call options.

GitLab Trading Down 3.3 %

GTLB stock opened at $70.33 on Thursday. The firm has a 50-day moving average of $62.00 and a two-hundred day moving average of $55.49. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53.

Analyst Ratings Changes

GTLB has been the subject of several research analyst reports. Royal Bank of Canada increased their price objective on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. The Goldman Sachs Group raised their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Robert W. Baird boosted their price target on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Needham & Company LLC restated a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. lifted their target price on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

Insider Activity at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at $16,411,054.77. The trade was a 3.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robin Schulman sold 9,251 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $65.00, for a total value of $601,315.00. Following the completion of the sale, the insider now owns 121,893 shares of the company’s stock, valued at approximately $7,923,045. This trade represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 825,698 shares of company stock valued at $49,549,749 over the last 90 days. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of large investors have recently made changes to their positions in GTLB. Wilmington Savings Fund Society FSB lifted its position in GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after buying an additional 150 shares in the last quarter. Bank of Marin increased its stake in shares of GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after acquiring an additional 171 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after acquiring an additional 281 shares during the period. Glenmede Trust Co. NA boosted its position in shares of GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after acquiring an additional 334 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after purchasing an additional 488 shares during the period. 95.04% of the stock is currently owned by hedge funds and other 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.