Investors Buy Large Volume of Call Options on GitLab (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB) saw unusually large options trading activity on Wednesday. Stock traders bought 12,289 call options on the company. This represents an increase of 40% compared to the typical daily volume of 8,775 call options.

GitLab Trading Up 1.8 %

Shares of GTLB stock opened at $49.45 on Friday. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53. The firm’s fifty day simple moving average is $50.74 and its 200 day simple moving average is $59.19. The firm has a market capitalization of $7.86 billion, a P/E ratio of -17.98 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.09. The firm had revenue of $169.19 million for the quarter, compared to analyst estimates of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. Equities research analysts anticipate that GitLab will post -0.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several analyst reports. Sanford C. Bernstein lifted their target price on shares of GitLab from $71.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. Mizuho lowered their price objective on shares of GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Capital One Financial assumed coverage on shares of GitLab in a research report on Friday, March 22nd. They set an “overweight” rating and a $72.00 price objective on the stock. Barclays lowered their price objective on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. Finally, Citic Securities assumed coverage on shares of GitLab in a research report on Monday, June 3rd. They set a “buy” rating and a $80.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $67.70.

Insiders Place Their Bets

In other news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total transaction of $530,381.82. Following the completion of the transaction, the chief financial officer now directly owns 293,508 shares in the company, valued at approximately $13,342,873.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 139,828 shares of company stock worth $7,500,119. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently bought and sold shares of the business. Byrne Asset Management LLC bought a new stake in shares of GitLab in the 1st quarter worth about $33,000. Allspring Global Investments Holdings LLC grew its holdings in shares of GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares during the last quarter. Ramirez Asset Management Inc. bought a new stake in shares of GitLab in the 3rd quarter worth about $36,000. SRS Capital Advisors Inc. bought a new stake in shares of GitLab in the 3rd quarter worth about $40,000. Finally, Banque Cantonale Vaudoise bought a new stake in shares of GitLab in the 1st quarter worth about $58,000. Institutional investors own 91.72% of the company’s stock.

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.