GitLab (NASDAQ:GTLB) Trading Up 1.6% - What's Next?

Key Points

• GitLab's stock saw a 1.6% increase, trading between $47.47 and $47.53, despite a 35% decline in trading volume compared to its average session.
• Analysts have downgraded GitLab's ratings, with targets set as low as $46.00, while the average target price among analysts is $58.88, reflecting a moderate buy consensus.
• Significant insider selling occurred, with directors Sytse Sijbrandij and Karen Blasing selling over $5.6 million combined in shares, raising concerns about insider sentiment.

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) traded up 1.6% on Friday . The company traded as high as $47.53 and last traded at $47.47. 2,486,920 shares traded hands during trading, a decline of 35% from the average session volume of 3,836,910 shares. The stock had previously closed at $46.72.

Wall Street Analyst Weigh In

GTLB has been the subject of a number of research analyst reports. Capital One Financial cut GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price for the company. in a research note on Wednesday, July 16th. Scotiabank decreased their price objective on GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a report on Friday, June 6th. Wells Fargo & Company lowered their price objective on GitLab from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Thursday, September 4th. BTIG Research reduced their target price on shares of GitLab from $67.00 to $57.00 and set a "buy" rating on the stock in a research report on Thursday, September 4th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $50.00 price target on shares of GitLab in a research note on Tuesday, June 24th. One research 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 company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $58.88.

GitLab Price Performance

The firm's 50 day moving average is $46.01 and its 200 day moving average is $46.22. The firm has a market cap of $7.91 billion, a P/E ratio of -1,186.75 and a beta of 0.75.

Insider Activity at GitLab

In related news, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $50.08, for a total transaction of $162,760.00. Following the sale, the director directly owned 100,639 shares of the company's stock, valued at $5,040,001.12. This trade represents a 3.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,219,171 shares of company stock valued at $59,495,444 over the last 90 days. Corporate insiders own 16.37% of the company's stock.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently made changes to their positions in the company. Cullen Frost Bankers Inc. raised 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 valued at $25,000 after purchasing an additional 334 shares during the last quarter. Cloud Capital Management LLC bought a new stake in GitLab during the first quarter valued at approximately $29,000. Twin Tree Management LP bought a new stake in GitLab during the first quarter valued at approximately $29,000. Harbour Investments Inc. grew its position in GitLab by 447.6% during the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock valued at $42,000 after buying an additional 734 shares during the period. Finally, GAMMA Investing LLC grew its position in GitLab by 114.2% during the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after buying an additional 490 shares during the period. Institutional investors 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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