GitLab (NASDAQ:GTLB) Stock Price Down 1.5% on Insider Selling

GitLab Inc. (NASDAQ:GTLB) fell 1.5% on Wednesday following insider selling activity. The stock traded as low as $63.91 and last traded at $64.11. 601,921 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 2,201,764 shares. The stock had previously closed at $65.07.

Specifically, insider Robin Schulman sold 9,251 shares of the company’s 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 sale, the insider now owns 121,893 shares of the company’s stock, valued at approximately $7,923,045. This represents a 7.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sytse Sijbrandij sold 84,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. In related news, Director Karen Blasing sold 6,500 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the completion of the sale, the director now directly owns 128,233 shares of the company’s stock, valued at $8,103,043.27. This trade represents a 4.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Scotiabank boosted their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Piper Sandler boosted their target price on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. DA Davidson increased their target price on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Morgan Stanley boosted their target price on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Cantor Fitzgerald boosted their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Up 1.3 %

The stock’s fifty day moving average is $61.57 and its two-hundred day moving average is $55.10. The firm has a market capitalization of $10.52 billion, a price-to-earnings ratio of -202.47 and a beta of 0.57.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GTLB. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the 3rd quarter valued at about $52,000. True Wealth Design LLC bought a new position in GitLab during the third quarter worth $56,000. Raleigh Capital Management Inc. acquired a new position in shares of GitLab in the fourth quarter valued at $66,000. Rakuten Securities Inc. raised its position in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares during the period. Finally, Quarry LP lifted its stake in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.