GitLab (NASDAQ:GTLB) Director Sells 980,710 Shares of Company Stock

GitLab Inc. (NASDAQ:GTLB) Director Sytse Sijbrandij sold 980,710 shares of the business’s stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $48.63, for a total value 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. This trade represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through 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 stock was sold at an average price of $45.84, for a total value 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 value of $33,687,147.50.

GitLab Price Performance

NASDAQ:GTLB traded down $0.64 during mid-day trading on Monday, reaching $46.21. The company’s stock had a trading volume of 5,194,505 shares, compared to its average volume of 5,771,827. The company’s fifty day simple moving average is $42.22 and its two-hundred day simple moving average is $31.60. GitLab Inc. has a twelve month low of $18.73 and a twelve month high of $55.55. The stock has a market cap of $7.70 billion, a P/E ratio of -144.40 and a beta of 0.99.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 1st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.06. GitLab had a negative net margin of 4.99% and a negative return on equity of 1.28%. The business had revenue of $286.25 million for the quarter, compared to analyst estimates of $273.13 million. During the same period in the prior year, the firm posted $0.24 EPS. The company’s 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 expect that GitLab Inc. will post -0.28 EPS for the current fiscal year.

Institutional Trading of GitLab

A number of hedge funds have recently made changes to their positions in GTLB. Eminence Capital LP lifted its position in shares of GitLab by 6.9% during the fourth quarter. Eminence Capital LP now owns 7,702,226 shares of the company’s stock worth $289,065,000 after purchasing an additional 494,497 shares in the last quarter. Atreides Management LP acquired a new stake in GitLab during the 2nd quarter valued at $102,983,000. SG Americas Securities LLC increased its stake in GitLab by 6,528.0% during the 1st quarter. SG Americas Securities LLC now owns 3,135,394 shares of the company’s stock worth $67,850,000 after buying an additional 3,088,089 shares during the period. Geode Capital Management LLC increased its stake 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 buying an additional 97,342 shares during the period. Finally, State Street Corp increased its position in shares of GitLab by 3.2% during the second quarter. State Street Corp now owns 2,632,173 shares of the company’s stock worth $80,351,000 after acquiring an additional 81,807 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Weiss Ratings downgraded shares of GitLab from a “sell (d)” rating to a “sell (e+)” rating in a research note on Wednesday, September 2nd. Cantor Fitzgerald upped their price objective on GitLab from $35.00 to $50.00 and gave the stock a “neutral” rating in a report on Monday, August 31st. Guggenheim reiterated a “neutral” rating on shares of GitLab in a report on Wednesday, September 2nd. Canaccord Genuity Group boosted their price target on GitLab from $40.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. Finally, Piper Sandler upped their price target on GitLab from $28.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, GitLab has an average rating of “Hold” and a consensus target price of $51.75.

About GitLab

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.