GitLab (NASDAQ:GTLB) Stock Price Down 2.1% After Insider Selling

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares traded down 2.1% during trading on Friday after an insider sold shares in the company. The stock traded as low as $41.03 and last traded at $41.14. 992,193 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 2,774,519 shares. The stock had previously closed at $42.04.

Specifically, Director Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $41.44, for a total value of $4,500,384.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GTLB. Piper Sandler reaffirmed an "overweight" rating and set a $85.00 price target on shares of GitLab in a research report on Wednesday, June 11th. Scotiabank reduced their price target on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research report on Friday, June 6th. Mizuho decreased their price objective on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Cantor Fitzgerald lowered their price target on GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Finally, Morgan Stanley lifted their price target on shares of GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, GitLab presently has a consensus rating of "Moderate Buy" and an average target price of $63.59.

GitLab Stock Down 0.1%

The company has a market capitalization of $6.73 billion, a P/E ratio of 407.10 and a beta of 0.75. The company has a 50-day moving average of $46.26 and a two-hundred day moving average of $54.48.

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

Institutional Investors Weigh In On GitLab

Several hedge funds have recently bought and sold shares of GTLB. Belpointe Asset Management LLC bought a new position in shares of GitLab during the first quarter valued at approximately $409,000. Fortis Capital Advisors LLC purchased a new stake in shares of GitLab in the 1st quarter worth approximately $409,000. Focus Partners Wealth grew its stake 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 buying an additional 75,331 shares during the last quarter. Bayforest Capital Ltd bought a new position in GitLab during the 1st quarter valued at approximately $830,000. Finally, Woodline Partners LP purchased a new position in GitLab during the first quarter valued at $314,000. Institutional investors own 95.04% 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.