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

GitLab Inc. (NASDAQ:GTLB) CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $54.92, for a total value of $3,075,520.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Sytse Sijbrandij also recently made the following trade(s):

• On Monday, March 18th, Sytse Sijbrandij sold 75,000 shares of GitLab stock. The shares were sold at an average price of $55.19, for a total value of $4,139,250.00.
• On Friday, March 15th, Sytse Sijbrandij sold 230,000 shares of GitLab stock. The shares were sold at an average price of $53.59, for a total value of $12,325,700.00.

GitLab Trading Down 0.6 %

Shares of GTLB opened at $53.51 on Thursday. The firm has a market cap of $8.49 billion, a PE ratio of -19.46 and a beta of 0.45. The stock has a fifty day moving average price of $62.68 and a 200-day moving average price of $57.90. GitLab Inc. has a 12 month low of $26.24 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. The company had revenue of $163.80 million during the quarter, compared to analyst estimates of $157.89 million. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The firm’s quarterly revenue was up 33.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.26) EPS. As a group, research analysts forecast that GitLab Inc. will post -0.96 EPS for the current year.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of analyst reports. Truist Financial reaffirmed a “buy” rating and set a $80.00 target price on shares of GitLab in a research note on Monday, April 1st. TD Cowen dropped their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 5th. Wells Fargo & Company assumed coverage on GitLab in a research note on Tuesday, April 9th. They issued an “overweight” rating and a $70.00 price objective on the stock. DA Davidson lowered their target price on GitLab from $75.00 to $65.00 and set a “neutral” rating for the company in a report on Tuesday, March 5th. Finally, Bank of America lowered their target price on GitLab from $88.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $70.73.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. FMR LLC raised its stake in GitLab by 80.0% in the 3rd quarter. FMR LLC now owns 603 shares of the company’s stock worth $27,000 after acquiring an additional 268 shares during the last quarter. Ossiam purchased a new position in GitLab in the 1st quarter worth $27,000. Quarry LP acquired a new stake in GitLab during the 2nd quarter worth about $30,000. Ramirez Asset Management Inc. acquired a new stake in GitLab during the 3rd quarter worth about $36,000. Finally, SRS Capital Advisors Inc. acquired a new stake in GitLab during the 3rd quarter worth about $40,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

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.