GitLab (NASDAQ:GTLB) Stock Price Down 1.4% on Insider Selling

GitLab Inc. (NASDAQ:GTLB)’s share price was down 1.4% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $48.17 and last traded at $49.48. Approximately 3,025,081 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 3,842,513 shares. The stock had previously closed at $50.20.

Specifically, Director Matthew Jacobson sold 47,300 shares of the firm’s stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $50.05, for a total value of $2,367,365.00. Following the completion of the sale, the director owned 63,341 shares of the company’s stock, valued at $3,170,217.05. This trade represents a 42.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Jacobson sold 396,147 shares of the firm’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $50.53, for a total transaction of $20,017,307.91. Following the completion of the sale, the director directly owned 73,299 shares of the company’s stock, valued at approximately $3,703,798.47. The trade was a 84.39% decrease in their position. The disclosure for this sale can be found here. In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $50.14, for a total value of $5,445,204.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several analysts have issued reports on GTLB shares. DA Davidson decreased their price objective on shares of GitLab from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Thursday, September 4th. Cowen reaffirmed a “buy” rating on shares of GitLab in a research note on Friday, June 6th. JPMorgan Chase & Co. decreased their price target on shares of GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a research note on Wednesday, June 11th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $62.00 price target on shares of GitLab in a research note on Wednesday, June 25th. Finally, Raymond James Financial decreased their price target on shares of GitLab from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.88.

GitLab Price Performance

The stock has a market capitalization of $8.14 billion, a PE ratio of -1,221.00 and a beta of 0.74. The business’s fifty day moving average price is $45.86 and its two-hundred day moving average price is $46.24.

Institutional Investors Weigh In On GitLab

Large investors have recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings in shares of GitLab by 9,968.3% during the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company’s stock valued at $2,030,000 after buying an additional 42,764 shares during the last quarter. Park Avenue Securities LLC boosted its holdings in GitLab by 5.3% in the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company’s stock valued at $357,000 after purchasing an additional 381 shares during the last quarter. Focus Partners Wealth boosted its holdings in GitLab by 42.5% in the first quarter. Focus Partners Wealth now owns 252,586 shares of the company’s stock valued at $11,871,000 after purchasing an additional 75,331 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in GitLab by 19.3% in the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company’s stock valued at $309,000 after purchasing an additional 1,065 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in GitLab in the first quarter valued at $200,000. 95.04% of the stock is 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.