GitLab Target of Unusually Large Options Trading (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB - Get Free Report) was the recipient of unusually large options trading activity on Friday. Traders bought 10,622 put options on the stock. This is an increase of 48% compared to the typical volume of 7,185 put options.

GitLab Trading Down 0.1 %

Shares of GitLab stock traded down $0.04 during trading on Friday, hitting $52.87. 1,467,851 shares of the stock traded hands, compared to its average volume of 2,468,761. The firm has a market cap of $8.39 billion, a P/E ratio of -19.23 and a beta of 0.49. GitLab has a 52-week low of $28.39 and a 52-week high of $78.53. The stock's fifty day simple moving average is $56.39 and its 200 day simple moving average is $58.75.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.07. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The company had revenue of $163.80 million for the quarter, compared to the consensus estimate of $157.89 million. During the same quarter last year, the company earned ($0.26) earnings per share. The firm's revenue for the quarter was up 33.3% compared to the same quarter last year. As a group, equities analysts expect that GitLab will post -0.96 EPS for the current year.

Analyst Ratings Changes

GTLB has been the topic of a number of recent research reports. Bank of America lowered their target price on GitLab from $88.00 to $85.00 and set a "buy" rating on the stock in a report on Tuesday, March 5th. Mizuho reduced their price target on shares of GitLab from $87.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, March 5th. Wells Fargo & Company assumed coverage on shares of GitLab in a research report on Tuesday, April 9th. They set an "overweight" rating and a $70.00 price target for the company. DA Davidson reduced their price target on shares of GitLab from $75.00 to $65.00 and set a "neutral" rating for the company in a research report on Tuesday, March 5th. Finally, Capital One Financial initiated coverage on shares of GitLab in a report on Friday, March 22nd. They issued an "overweight" rating and a $72.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and a consensus target price of $70.73.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $54.92, for a total transaction of $3,075,520.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other GitLab news, CFO Brian G. Robins sold 13,000 shares of GitLab stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $72.56, for a total value of $943,280.00. Following the completion of the sale, the chief financial officer now owns 319,300 shares of the company's stock, valued at approximately $23,168,408. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $54.92, for a total value of $3,075,520.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 446,383 shares of company stock valued at $24,575,808. Company insiders own 28.04% of the company's stock.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in GitLab by 12.9% in the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company's stock worth $591,096,000 after acquiring an additional 1,070,994 shares in the last quarter. Invesco Ltd. boosted its holdings in GitLab by 71.3% in the third quarter. Invesco Ltd. now owns 4,236,833 shares of the company's stock worth $191,590,000 after acquiring an additional 1,762,944 shares in the last quarter. Norges Bank acquired a new stake in shares of GitLab during the fourth quarter worth about $222,591,000. 1832 Asset Management L.P. acquired a new stake in shares of GitLab during the fourth quarter worth about $76,918,000. Finally, Fiera Capital Corp lifted its holdings in shares of GitLab by 0.5% during the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company's stock worth $75,540,000 after purchasing an additional 5,446 shares during the period. Institutional investors and hedge funds own 91.72% 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.

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