Insider Selling: GitLab Inc. (NASDAQ:GTLB) Insider Sells 2,402 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 2,402 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total value of $135,112.50. Following the completion of the transaction, the insider now owns 142,933 shares of the company’s stock, valued at approximately $8,039,981.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

GitLab Trading Up 9.3 %

Shares of GTLB stock traded up $4.73 during midday trading on Wednesday, reaching $55.39. 8,160,768 shares of the stock were exchanged, compared to its average volume of 2,648,436. The firm has a market cap of $8.80 billion, a PE ratio of -20.01 and a beta of 0.46. The company’s 50 day moving average is $49.96 and its two-hundred day moving average is $58.05. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The company had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. As a group, equities analysts expect that GitLab Inc. will post -0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GTLB. Wellington Management Group LLP raised its stake in shares of GitLab by 280.3% in the third quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock worth $28,443,000 after purchasing an additional 463,584 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of GitLab by 6.8% during the 3rd quarter. Vanguard Group Inc. now owns 8,317,446 shares of the company’s stock valued at $376,115,000 after purchasing an additional 530,702 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of GitLab by 61.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 35,725 shares of the company’s stock worth $1,615,000 after purchasing an additional 13,615 shares during the period. Diversified Trust Co purchased a new position in shares of GitLab in the fourth quarter worth approximately $272,000. Finally, Handelsinvest Investeringsforvaltning purchased a new position in shares of GitLab during the 4th quarter worth $256,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GTLB. Barclays lowered their price target on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. Wells Fargo & Company initiated coverage on GitLab in a report on Tuesday, April 9th. They issued an “overweight” rating and a $70.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 price objective on shares of GitLab in a report on Friday, June 28th. DA Davidson decreased their price objective on GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, June 4th. Finally, Truist Financial reaffirmed a “buy” rating and set a $80.00 target price on shares of GitLab in a report on Monday, April 1st. Four equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $67.30.

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.