GitLab Inc. (NASDAQ:GTLB) Director Sells $4,500,384.00 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $41.44, for a total transaction of $4,500,384.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Wednesday, May 14th, Sytse Sijbrandij sold 108,600 shares of GitLab stock. The stock was sold at an average price of $53.03, for a total transaction of $5,759,058.00.
• On Tuesday, April 15th, Sytse Sijbrandij sold 108,600 shares of GitLab stock. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00.

GitLab Stock Performance

NASDAQ GTLB opened at $40.76 on Friday. The company has a fifty day moving average of $46.26 and a 200-day moving average of $54.56. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The company has a market capitalization of $6.73 billion, a P/E ratio of 407.60 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. The firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The company’s revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 earnings per share. As a group, analysts forecast that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Institutional Trading of GitLab

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its holdings in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares during the last quarter. Cullen Frost Bankers Inc. lifted its stake in GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after purchasing an additional 334 shares during the last quarter. CoreCap Advisors LLC lifted its stake in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares during the last quarter. Twin Tree Management LP bought a new stake in GitLab in the first quarter worth $29,000. Finally, Cloud Capital Management LLC bought a new stake in shares of GitLab in the 1st quarter valued at about $29,000. Institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the subject of a number of analyst reports. UBS Group cut their price target on GitLab from $85.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, June 11th. Royal Bank Of Canada cut their target price on GitLab from $68.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, June 11th. Mizuho cut their target price on GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, June 11th. Raymond James Financial cut their price objective on shares of GitLab from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, June 11th. Finally, Cantor Fitzgerald cut their price objective on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, June 11th. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.59.

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.