GitLab (NASDAQ:GTLB) Stock Price Down 3.1% on Insider Selling

Posted by Defense World Staff on Jun 17th, 2023

Shares of GitLab Inc. (NASDAQ:GTLB – Get Rating) traded down 3.1% on Friday following insider selling activity. The company traded as low as $51.55 and last traded at $51.79. 267,676 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 2,830,395 shares. The stock had previously closed at $53.44.

Specifically, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $51.07, for a total value of $510,700.00. Following the completion of the sale, the chief financial officer now owns 520,134 shares of the company’s stock, valued at $26,563,243.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $51.07, for a total value of $510,700.00. Following the completion of the sale, the chief financial officer now owns 520,134 shares of the company’s stock, valued at $26,563,243.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 30,000 shares of GitLab stock in a transaction on Monday, June 12th. The shares were sold at an average price of $47.75, for a total value of $1,432,500.00. Following the completion of the sale, the chief financial officer now directly owns 530,134 shares of the company’s stock, valued at approximately $25,313,898.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,274 shares of company stock valued at $2,495,400. Corporate insiders own 28.04% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the topic of a number of research analyst reports. Barclays lifted their target price on GitLab from $45.00 to $50.00 in a report on Wednesday, June 7th. The Goldman Sachs Group reduced their price objective on GitLab from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Tuesday, March 14th. DA Davidson boosted their price objective on GitLab from $30.00 to $45.00 in a research note on Tuesday, June 6th. Truist Financial boosted their price objective on GitLab from $50.00 to $60.00 in a research note on Tuesday, June 6th. Finally, Sumitomo Mitsui Financial Group began coverage on GitLab in a research note on Thursday, March 30th. They set a “neutral” rating and a $37.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average target price of $56.88.

GitLab Price Performance

The stock has a market capitalization of $7.78 billion, a P/E ratio of -38.24 and a beta of -0.28. The company has a fifty day moving average of $35.20 and a two-hundred day moving average of $40.77.

GitLab (NASDAQ:GTLB – Get Rating) last posted its earnings results on Monday, June 5th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. The company had revenue of $126.90 million during the quarter, compared to analyst estimates of $117.84 million. GitLab had a negative return on equity of 22.82% and a negative net margin of 42.84%. The business’s revenue was up 45.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.30) earnings per share. As a group, equities research analysts predict that GitLab Inc. will post -1.03 EPS for the current fiscal year.

Hedge Funds Weigh In On GitLab

Institutional investors have recently made changes to their positions in the stock. Icapital Wealth LLC bought a new position in shares of GitLab during the fourth quarter valued at approximately $677,000. Alpha DNA Investment Management LLC bought a new position in shares of GitLab during the third quarter valued at approximately $532,000. Advisory Research Inc. grew its holdings in shares of GitLab by 71.6% during the third quarter. Advisory Research Inc. now owns 21,450 shares of the company’s stock valued at $1,099,000 after purchasing an additional 8,947 shares during the last quarter. CenterBook Partners LP acquired a new position in shares of GitLab during the fourth quarter worth approximately $516,000. Finally, Value Aligned Research Advisors LLC acquired a new position in shares of GitLab during the fourth quarter worth approximately $1,210,000. 48.99% of the stock is owned by institutional investors.

GitLab Company Profile

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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.