Insider Selling: GitLab (NASDAQ:GTLB) Director Sells 705,490 Shares of Company Stock

Key Points

• GitLab director Sytse Sijbrandij sold 705,490 shares at an average price of $47.75, generating approximately $33.7 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, and he retained 13.2 million shares.
• Sijbrandij also sold 430,000 shares on September 28 and 980,710 shares on September 24, bringing the reported recent sales to more than 2.1 million shares.
• GitLab recently exceeded quarterly earnings and revenue expectations, while analysts maintain a consensus “Hold” rating with an average price target of $51.75. Institutional investors own approximately 95% of the company.

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Sytse Sijbrandij sold 705,490 shares of the company's stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $47.75, for a total transaction of $33,687,147.50. Following the completion of the sale, the director directly owned 13,215,851 shares of the company's stock, valued at approximately $631,056,885.25. This represents a 5.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 Thursday, September 24th, Sytse Sijbrandij sold 980,710 shares of GitLab stock. The shares were sold at an average price of $48.63, for a total transaction of $47,691,927.30.

GitLab Trading Down 1.4%

NASDAQ:GTLB traded down $0.64 during midday trading on Monday, hitting $46.21. 5,194,505 shares of the stock were exchanged, compared to its average volume of 5,771,827. The company has a market capitalization of $7.70 billion, a price-to-earnings ratio of -144.40 and a beta of 0.99. GitLab Inc. has a one year low of $18.73 and a one year high of $55.55. The business has a 50-day moving average price of $42.22 and a two-hundred day moving average price of $31.60.

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Guggenheim reaffirmed a "neutral" rating on shares of GitLab in a research note on Wednesday, September 2nd. BTIG Research upped their price target on shares of GitLab from $52.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, September 2nd. Royal Bank Of Canada raised their price objective on shares of GitLab from $46.00 to $60.00 and gave the company a "sector perform" rating in a research report on Wednesday, September 2nd. Rosenblatt Securities boosted their target price on shares of GitLab from $43.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, September 2nd. Finally, Barclays raised their target price on shares of GitLab from $25.00 to $47.00 and gave the stock an "underweight" rating in a report on Wednesday, September 2nd. Seven equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $51.75.

Hedge Funds Weigh In On GitLab

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

GitLab Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.