GitLab (NASDAQ:GTLB) Director Sells 980,710 Shares of Company Stock

Key Points

• GitLab director Sytse Sijbrandij sold 980,710 shares at an average $48.63, generating approximately $47.7 million. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his ownership by 6.58%.
• GitLab shares fell 1.4% to $46.21, though the company recently exceeded quarterly earnings and revenue expectations, reporting $0.24 EPS and $286.25 million in revenue.
• Wall Street’s consensus rating remains Hold, with 17 analysts at Hold, seven at Buy and four at Sell; the average price target is $51.75.

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Sytse Sijbrandij sold 980,710 shares of the company's stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $48.63, for a total value of $47,691,927.30. Following the completion of the transaction, the director directly owned 13,921,341 shares of the company's stock, valued at $676,994,812.83. This trade represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sytse Sijbrandij also recently made the following trade(s):

• On Monday, September 28th, Sytse Sijbrandij sold 430,000 shares of GitLab stock. The shares were sold at an average price of $45.84, for a total transaction of $19,711,200.00.
• On Friday, September 25th, Sytse Sijbrandij sold 705,490 shares of GitLab stock. The stock was sold at an average price of $47.75, for a total value of $33,687,147.50.

GitLab Trading Down 1.4%

Shares of GitLab stock traded down $0.64 on Monday, hitting $46.21. The stock had a trading volume of 5,194,505 shares, compared to its average volume of 5,771,827. GitLab Inc. has a 52-week low of $18.73 and a 52-week high of $55.55. The stock has a market cap of $7.70 billion, a price-to-earnings ratio of -144.40 and a beta of 0.99. The company's 50 day moving average price is $42.22 and its 200 day moving average price is $31.60.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Tuesday, September 1st. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.06. The firm had revenue of $286.25 million for the quarter, compared to the consensus estimate of $273.13 million. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%.The firm's quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 EPS. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. Analysts predict that GitLab Inc. will post -0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On GitLab

Hedge funds have recently added to or reduced their stakes in the business. Eminence Capital LP grew its position in shares of GitLab by 6.9% in the fourth quarter. Eminence Capital LP now owns 7,702,226 shares of the company's stock valued at $289,065,000 after purchasing an additional 494,497 shares during the last quarter. Atreides Management LP purchased a new stake in GitLab in the 2nd quarter valued at approximately $102,983,000. Geode Capital Management LLC grew its holdings in GitLab by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 2,723,013 shares of the company's stock valued at $102,216,000 after buying an additional 97,342 shares during the last quarter. Norges Bank acquired a new stake in GitLab during the 4th quarter valued at $81,379,000. Finally, State Street Corp increased its position in GitLab by 3.2% during the second quarter. State Street Corp now owns 2,632,173 shares of the company's stock worth $80,351,000 after buying an additional 81,807 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. TD Cowen increased their price target on GitLab from $29.00 to $42.00 and gave the stock a "hold" rating in a report on Thursday, August 27th. Piper Sandler raised their target price on shares of GitLab from $28.00 to $52.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 2nd. Cantor Fitzgerald lifted their target price on shares of GitLab from $35.00 to $50.00 and gave the company a "neutral" rating in a report on Monday, August 31st. Mizuho boosted their price target on shares of GitLab from $34.00 to $47.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 2nd. Finally, Zacks Research cut shares of GitLab from a "hold" rating to a "strong sell" rating in a report on Friday, September 4th. Seven equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $51.75.

About GitLab

GitLab Inc NASDAQ: GTLB develops a software development and collaboration platform designed to help organizations plan, create, secure and deploy applications. Its platform brings together source code management, project planning, code review, continuous integration and continuous delivery (CI/CD), application security, compliance and monitoring capabilities in a unified DevSecOps environment.

GitLab serves businesses, government organizations and educational institutions across a range of industries and geographies.

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