GitLab (NASDAQ:GTLB) Shares Down 2.1% on Insider Selling

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price dropped 2.1% on Friday after an insider sold shares in the company. The stock traded as low as $41.03 and last traded at $41.14. Approximately 992,193 shares traded hands during mid-day trading, a decline of 64% from the average daily 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 stock was sold at an average price of $41.44, for a total value of $4,500,384.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GTLB. JPMorgan Chase & Co. reduced their price target on GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a report on Wednesday, June 11th. DA Davidson decreased their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Raymond James Financial cut 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. Scotiabank reduced their price objective on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research note on Friday, June 6th. Finally, Cantor Fitzgerald decreased their price objective on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Wednesday, June 11th. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy 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 $63.59.

GitLab Trading Down 2.0%

The firm's fifty day moving average price is $46.29 and its 200-day moving average price is $54.80. The company has a market cap of $6.76 billion, a P/E ratio of 411.65 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) 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 firm 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 company's quarterly revenue was up 26.8% compared to the same quarter last year. As a group, research analysts forecast that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Belpointe Asset Management LLC bought a new stake in GitLab in the 1st quarter valued at $409,000. Fortis Capital Advisors LLC bought a new stake in GitLab in the first quarter valued at about $409,000. Focus Partners Wealth raised its position in GitLab by 42.5% in the first 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 acquired a new position in GitLab in the first quarter worth about $830,000. Finally, Woodline Partners LP bought a new position in GitLab during the first quarter worth about $314,000. 95.04% of the stock is owned by 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.

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