GitLab Inc. (NASDAQ:GTLB) Director Sytse Sijbrandij Sells 108,600 Shares

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $41.44, for a total transaction of $4,500,384.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Wednesday, May 14th, Sytse Sijbrandij sold 108,600 shares of GitLab stock. The shares were sold at an average price of $53.03, for a total transaction of $5,759,058.00.
• On Tuesday, April 15th, Sytse Sijbrandij sold 108,600 shares of GitLab stock. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00.

GitLab Trading Down 3.0%

GitLab stock traded down $1.28 during trading hours on Friday, hitting $40.76. 5,126,717 shares of the stock traded hands, compared to its average volume of 2,782,105. The firm's 50-day moving average price is $46.26 and its two-hundred day moving average price is $54.56. The company has a market cap of $6.73 billion, a PE ratio of 407.60 and a beta of 0.75. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18.

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

Institutional Investors Weigh In On GitLab

Several hedge funds have recently bought and sold shares of the business. Belpointe Asset Management LLC bought a new stake in GitLab during the first quarter worth about $409,000. Fortis Capital Advisors LLC bought a new stake in shares of GitLab in the 1st quarter worth approximately $409,000. Focus Partners Wealth boosted its position in shares of GitLab by 42.5% in the 1st quarter. Focus Partners Wealth now owns 252,586 shares of the company's stock worth $11,871,000 after purchasing an additional 75,331 shares in the last quarter. Bayforest Capital Ltd bought a new stake in shares of GitLab in the 1st quarter worth approximately $830,000. Finally, Woodline Partners LP bought a new stake in GitLab in the first quarter worth $314,000. Institutional investors own 95.04% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Mizuho decreased their price target on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. Royal Bank Of Canada reduced their target price on shares of GitLab from $68.00 to $62.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. UBS Group reduced their price objective on GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Piper Sandler reaffirmed an "overweight" rating and set a $85.00 price objective on shares of GitLab in a research note on Wednesday, June 11th. Finally, Robert W. Baird reduced their price target on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.

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.