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

GitLab Inc. (NASDAQ:GTLB) was the target of unusually large options trading activity on Wednesday. Investors bought 12,289 call options on the stock. This is an increase of approximately 40% compared to the average daily volume of 8,775 call options.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $56.08, for a total transaction of $3,364,800.00. Following the completion of the sale, the chief financial officer now owns 346,146 shares in the company, valued at $19,411,867.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $54.92, for a total value of $3,075,520.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian G. Robins sold 60,000 shares of GitLab stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $56.08, for a total transaction of $3,364,800.00. Following the completion of the sale, the chief financial officer now owns 346,146 shares of the company’s stock, valued at $19,411,867.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 139,828 shares of company stock worth $7,500,119. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently added to or reduced their stakes in the business. Byrne Asset Management LLC purchased a new stake in shares of GitLab during the 1st quarter valued at approximately $33,000. Allspring Global Investments Holdings LLC increased its position in shares of GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares during the period. Ramirez Asset Management Inc. purchased a new stake in shares of GitLab in the third quarter worth about $36,000. SRS Capital Advisors Inc. bought a new position in shares of GitLab in the third quarter valued at approximately $40,000. Finally, Banque Cantonale Vaudoise bought a new stake in GitLab during the first quarter valued at $58,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

GitLab Stock Performance

NASDAQ:GTLB traded up $4.87 during trading hours on Wednesday, reaching $48.47. The stock had a trading volume of 3,135,813 shares, compared to its average volume of 2,565,392. GitLab has a 12-month low of $40.19 and a 12-month high of $78.53. The stock has a 50 day simple moving average of $50.90 and a 200 day simple moving average of $59.34. The stock has a market cap of $7.70 billion, a P/E ratio of -17.14 and a beta of 0.44.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GTLB. Citic Securities began coverage on shares of GitLab in a report on Monday, June 3rd. They set a “buy” rating and a $80.00 price target for the company. Mizuho decreased their price target on GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, June 4th. Wells Fargo & Company started coverage on shares of GitLab in a research report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 price objective for the company. DA Davidson dropped their target price on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Finally, Raymond James upgraded shares of GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a report on Friday, April 12th. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.70.

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.