Insider Selling: GitLab (NASDAQ:GTLB) Director Sells $47,691,927.30 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Sytse Sijbrandij sold 980,710 shares of GitLab stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $48.63, for a total transaction of $47,691,927.30. Following the completion of the transaction, the director owned 13,921,341 shares of the company’s stock, valued at $676,994,812.83. The trade was a 6.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 shares were sold at an average price of $47.75, for a total transaction of $33,687,147.50.

GitLab Trading Up 1.2%

GTLB opened at $47.25 on Thursday. The company has a 50 day moving average of $43.06 and a 200 day moving average of $32.10. The company has a market cap of $7.87 billion, a PE ratio of -147.65 and a beta of 0.99. GitLab Inc. has a 12 month low of $18.73 and a 12 month high of $55.55.

GitLab (NASDAQ:GTLB) last issued its 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. The business had revenue of $286.25 million for the quarter, compared to analysts’ expectations of $273.13 million. GitLab had a negative net margin of 4.99% and a negative return on equity of 1.28%. The business’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the firm 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. Research analysts forecast that GitLab Inc. will post -0.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on GTLB. Wells Fargo & Company lifted their target price on GitLab from $40.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, September 2nd. Zacks Research downgraded shares of GitLab from a “hold” rating to a “strong sell” rating in a report on Friday, September 4th. Weiss Ratings lowered shares of GitLab from a “sell (d)” rating to a “sell (e+)” rating in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. upped their target price on shares of GitLab from $32.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday, August 26th. Finally, Rosenblatt Securities increased their target price on shares of GitLab from $43.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Seven analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $51.75.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Tsfg LLC bought a new position in shares of GitLab in the 2nd quarter worth $31,000. Fifth Third Bancorp increased its stake in GitLab by 220.6% in the first quarter. Fifth Third Bancorp now owns 1,603 shares of the company’s stock valued at $35,000 after acquiring an additional 1,103 shares during the last quarter. Versant Capital Management Inc raised its position in GitLab by 300.6% during the second quarter. Versant Capital Management Inc now owns 1,867 shares of the company’s stock valued at $57,000 after purchasing an additional 1,401 shares in the last quarter. GAMMA Investing LLC lifted its stake in GitLab by 60.4% during the second quarter. GAMMA Investing LLC now owns 2,769 shares of the company’s stock worth $85,000 after purchasing an additional 1,043 shares during the last quarter. Finally, Summit Securities Group LLC boosted its holdings in shares of GitLab by 409.9% in the 1st quarter. Summit Securities Group LLC now owns 3,000 shares of the company’s stock worth $65,000 after purchasing an additional 3,968 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

About GitLab

GitLab Inc (NASDAQ:GTLB) develops a cloud-based DevSecOps platform that helps organizations plan, create, secure and deploy software. Its platform brings together source code management, version control, issue tracking, project planning, continuous integration and continuous delivery, enabling development, operations and security teams to collaborate in a unified environment.

GitLab’s products also include application security testing, vulnerability management, compliance tools, infrastructure as code, software supply chain security and monitoring capabilities.