GitLab (NASDAQ:GTLB) Stock Price Down 1.4% Following Insider Selling

Key Points

• GitLab's stock price dropped 1.4% following insider selling, with shares trading as low as $48.17 before closing at $49.48.
• Director Matthew Jacobson sold over 400,000 shares in September, significantly reducing his holdings by 42.75% and 84.39% in two separate transactions.
• The company has received mixed analyst ratings, with a consensus target price set at $58.88, reflecting a moderate buy sentiment despite recent declines.

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s stock price was down 1.4% during trading on Monday after an insider sold shares in the company. The stock traded as low as $48.17 and last traded at $49.48. Approximately 3,025,081 shares changed hands during trading, a decline of 21% from the average daily volume of 3,842,513 shares. The stock had previously closed at $50.20.

Specifically, Director Matthew Jacobson sold 47,300 shares of GitLab stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $50.05, for a total value of $2,367,365.00. Following the completion of the sale, the director directly owned 63,341 shares of the company's stock, valued at approximately $3,170,217.05. The trade was a 42.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 396,147 shares of GitLab stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $50.53, for a total transaction of $20,017,307.91. Following the completion of the transaction, the director owned 73,299 shares in the company, valued at approximately $3,703,798.47. This trade represents a 84.39% decrease in their position. The disclosure for this sale can be found here. In related news, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Monday, September 15th. The shares were sold at an average price of $50.14, for a total transaction of $5,445,204.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

GTLB has been the topic of several recent research reports. Royal Bank Of Canada restated an "outperform" rating and set a $62.00 target price on shares of GitLab in a report on Wednesday, June 25th. Zacks Research raised shares of GitLab from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 9th. Raymond James Financial dropped their target price on shares of GitLab from $60.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, September 4th. Truist Financial dropped their target price on shares of GitLab from $75.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, September 4th. Finally, Cowen reissued a "buy" rating on shares of GitLab in a research report on Friday, June 6th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $58.88.

GitLab Stock Performance

The company's 50 day moving average price is $45.60 and its 200 day moving average price is $46.27. The company has a market cap of $8.25 billion, a price-to-earnings ratio of -1,237.00 and a beta of 0.74.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in GitLab by 9,968.3% in the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock valued at $2,030,000 after buying an additional 42,764 shares during the last quarter. Park Avenue Securities LLC grew its position in GitLab by 5.3% in the 1st 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 last quarter. Focus Partners Wealth grew its position in 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 during the last quarter. Wealthcare Advisory Partners LLC grew its position in 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 purchasing an additional 1,065 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in GitLab in the 1st quarter worth $200,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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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