GitLab Inc. (NASDAQ:GTLB) Director Sells $4,705,638.00 in Stock

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $43.33, for a total transaction of $4,705,638.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, June 16th, Sytse Sijbrandij sold 108,600 shares of GitLab stock. The shares were sold at an average price of $41.44, for a total value of $4,500,384.00.
• On Wednesday, May 14th, Sytse Sijbrandij sold 108,600 shares of GitLab stock. The stock was sold at an average price of $53.03, for a total transaction of $5,759,058.00.

GitLab Trading Up 0.6%

NASDAQ:GTLB traded up $0.27 during trading hours on Monday, hitting $45.64. The stock had a trading volume of 1,010,423 shares, compared to its average volume of 2,858,635. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The business has a 50 day simple moving average of $45.94 and a two-hundred day simple moving average of $52.36. The company has a market cap of $7.54 billion, a PE ratio of 456.33 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last released its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The business's revenue was up 26.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 EPS. Research analysts expect that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently added to or reduced their stakes in GTLB. OneDigital Investment Advisors LLC raised its stake in shares of GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock valued at $228,000 after purchasing an additional 166 shares in the last quarter. Utah Retirement Systems raised its holdings in GitLab by 3.1% during the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock worth $372,000 after buying an additional 200 shares during the period. Mariner LLC lifted its stake in GitLab by 1.7% during the fourth quarter. Mariner LLC now owns 12,583 shares of the company's stock valued at $709,000 after buying an additional 214 shares in the last quarter. True Wealth Design LLC lifted its stake in GitLab by 20.0% during the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock valued at $73,000 after buying an additional 216 shares in the last quarter. Finally, Graham Capital Management L.P. lifted its stake in GitLab by 0.8% during the fourth quarter. Graham Capital Management L.P. now owns 30,806 shares of the company's stock valued at $1,736,000 after buying an additional 242 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Piper Sandler reissued an "overweight" rating and set a $85.00 target price on shares of GitLab in a research report on Wednesday, June 11th. DA Davidson cut their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Capital One Financial cut shares of GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price target on the stock. in a report on Wednesday, July 16th. Raymond James Financial lowered their price target on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $50.00 price target on shares of GitLab in a report on Tuesday, June 24th. Five investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, GitLab currently has an average rating of "Moderate Buy" and an average target price of $62.63.

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.