GitLab (NASDAQ:GTLB) Stock Price Down 3.3% After Insider Selling

Key Points

• GitLab's stock price fell by 3.3% to $47.23 after significant insider selling by Director Matthew Jacobson, which included sales totaling over $34 million.
• Brokerage projections for GitLab have been mixed, with target prices ranging from $44 to $62, and the average rating being a "Moderate Buy".
• Institutional investors dominate GitLab's ownership, controlling approximately 95.04% of the company's stock, indicating strong institutional interest despite recent stock declines.

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s stock price was down 3.3% during trading on Wednesday following insider selling activity. The company traded as low as $46.51 and last traded at $47.23. Approximately 4,979,753 shares changed hands during trading, an increase of 29% from the average daily volume of 3,845,760 shares. The stock had previously closed at $48.84.

Specifically, Director Matthew Jacobson sold 233,382 shares of the company's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $50.17, for a total transaction of $11,708,774.94. Following the transaction, the director directly owned 14,207 shares in the company, valued at approximately $712,765.19. This represents a 94.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Jacobson sold 47,300 shares of the stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $50.05, for a total transaction of $2,367,365.00. Following the completion of the transaction, the director owned 63,341 shares in the company, valued at $3,170,217.05. This represents 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 company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $3,703,798.47. This represents a 84.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GTLB. KeyCorp lowered their target price on shares of GitLab from $60.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, September 4th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $62.00 target price on shares of GitLab in a research note on Wednesday, June 25th. Barclays lowered their target price on shares of GitLab from $47.00 to $44.00 and set an "equal weight" rating for the company in a research note on Friday, September 5th. Cowen reissued a "buy" rating on shares of GitLab in a research report on Friday, June 6th. Finally, Truist Financial lowered their price objective 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. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, GitLab presently has an average rating of "Moderate Buy" and an average target price of $58.88.

GitLab Trading Down 3.3%

The business's 50 day moving average price is $45.86 and its 200-day moving average price is $46.24. The company has a market cap of $7.87 billion, a price-to-earnings ratio of -1,180.75 and a beta of 0.74.

Institutional Trading of GitLab

Hedge funds have recently modified their holdings of the stock. Cullen Frost Bankers Inc. lifted its stake in shares of GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after buying an additional 334 shares during the last quarter. Twin Tree Management LP acquired a new stake in GitLab in the 1st quarter worth about $29,000. Cloud Capital Management LLC acquired a new stake in GitLab in the 1st quarter worth about $29,000. Harbour Investments Inc. raised its stake in GitLab by 447.6% in the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after purchasing an additional 734 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after purchasing an additional 490 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.