GitLab (NASDAQ:GTLB) Stock Price Down 1.3% Following Insider Selling

Key Points

• GitLab's stock (NASDAQ:GTLB) fell by 1.3% on Tuesday after insider selling, with shares trading between $48.59 and $48.84.
• Director Matthew Jacobson significantly decreased his holdings by selling approximately 677,829 shares over several transactions, reflecting a sharp decline in his ownership.
• Analysts have reduced their price targets for GitLab, with an average target price now at $58.88, while maintaining a generally positive outlook with multiple "buy" ratings.

GitLab Inc. (NASDAQ:GTLB - Get Free Report) was down 1.3% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $48.59 and last traded at $48.84. Approximately 3,264,724 shares traded hands during trading, a decline of 15% from the average daily volume of 3,839,400 shares. The stock had previously closed at $49.48.

Specifically, Director Matthew Jacobson sold 233,382 shares of the company's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $50.17, for a total transaction of $11,708,774.94. Following the sale, the director owned 14,207 shares in the company, valued at $712,765.19. This represents a 94.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Matthew Jacobson sold 47,300 shares of the business's stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $50.05, for a total transaction of $2,367,365.00. Following the transaction, the director owned 63,341 shares in the company, valued at approximately $3,170,217.05. The trade was a 42.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other GitLab news, Director Matthew Jacobson sold 396,147 shares of the stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $50.53, for a total value of $20,017,307.91. Following the completion of the sale, the director owned 73,299 shares in the company, valued at $3,703,798.47. This trade represents a 84.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of recent analyst reports. Raymond James Financial cut their price target on shares of GitLab from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, September 4th. Mizuho decreased their target price on GitLab from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Friday, September 5th. Piper Sandler decreased their target price on GitLab from $85.00 to $70.00 and set an "overweight" rating on the stock in a report on Thursday, September 4th. Canaccord Genuity Group decreased their price objective on GitLab from $76.00 to $70.00 and set a "buy" rating on the stock in a report on Thursday, September 4th. Finally, Barclays decreased their price objective on GitLab from $47.00 to $44.00 and set an "equal weight" rating on the stock in a report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $58.88.

GitLab Trading Down 1.3%

The firm has a 50-day moving average of $45.74 and a two-hundred day moving average of $46.23. The firm has a market capitalization of $8.14 billion, a P/E ratio of -1,221.00 and a beta of 0.74.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently modified their holdings of GTLB. Cullen Frost Bankers Inc. grew its holdings in shares of GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after purchasing an additional 334 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in GitLab during the 1st quarter worth approximately $29,000. Twin Tree Management LP bought a new stake in GitLab during the 1st quarter worth approximately $29,000. Harbour Investments Inc. increased its position in GitLab by 447.6% in the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company's stock valued at $42,000 after acquiring an additional 734 shares during the period. Finally, GAMMA Investing LLC increased its position in GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after acquiring an additional 490 shares during the period. 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.

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