GitLab (NASDAQ:GTLB) Shares Down 2.6% After Insider Selling

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) traded down 2.6% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $44.02 and last traded at $43.93. 1,598,466 shares traded hands during trading, a decline of 43% from the average session volume of 2,805,601 shares. The stock had previously closed at $45.11.

Specifically, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director directly owned 110,389 shares of the company's stock, valued at approximately $4,967,505. The trade was a 2.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the sale, the director owned 551,997 shares in the company, valued at $23,360,513.04. This represents a 18.99% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a report on Wednesday, June 11th. Morgan Stanley raised their target price on GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Wells Fargo & Company dropped their target price on GitLab from $65.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Macquarie reissued an "outperform" rating and issued a $75.00 price target on shares of GitLab in a report on Wednesday, June 25th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $62.00 price objective on shares of GitLab in a research note on Wednesday, June 25th. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $63.59.

GitLab Price Performance

The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 462.80 and a beta of 0.74. The company has a 50-day simple moving average of $46.50 and a two-hundred day simple moving average of $53.56.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data 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 net margin of 2.17% and a negative return on equity of 4.07%. The firm had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period last year, the firm posted $0.03 EPS. GitLab's quarterly revenue was up 26.8% compared to the same quarter last year. Research analysts anticipate that GitLab Inc. will post -0.31 EPS for the current year.

Institutional Investors Weigh In On GitLab

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its position in shares of GitLab by 9,968.3% during the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock worth $2,030,000 after buying an additional 42,764 shares in the last quarter. Swiss National Bank raised its holdings in GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company's stock worth $12,115,000 after purchasing an additional 7,700 shares in the last quarter. Park Avenue Securities LLC lifted its position in GitLab by 5.3% in the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock worth $357,000 after purchasing an additional 381 shares during the period. Smartleaf Asset Management LLC increased its position in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after purchasing an additional 1,153 shares during the period. Finally, Wealthcare Advisory Partners LLC raised its stake in shares of GitLab by 19.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock worth $309,000 after buying an additional 1,065 shares in the last quarter. Institutional investors and hedge funds 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.