Stock Traders Buy High Volume of GitLab Call Options (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB) was the recipient of some unusual options trading activity on Wednesday. Traders acquired 19,959 call options on the stock. This represents an increase of 153% compared to the average daily volume of 7,882 call options.

Analysts Set New Price Targets

Several analysts have commented on the company. Bank of America lifted their price target on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday. Scotiabank upped their price target on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research report on Wednesday. UBS Group lifted their price target on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company upped their price objective on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, BTIG Research lifted their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday. Four research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average price target of $65.83.

GitLab Trading Up 2.8 %

GTLB stock opened at $55.85 on Friday. The company has a market capitalization of $8.87 billion, a P/E ratio of -20.31 and a beta of 0.46. The firm has a 50 day simple moving average of $48.99 and a 200-day simple moving average of $53.14. GitLab has a twelve month low of $40.19 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.29) earnings per share. On average, research analysts predict that GitLab will post -0.5 EPS for the current year.

Insider Buying and Selling at GitLab

In related news, Director Karen Blasing sold 4,430 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total value of $249,187.50. Following the sale, the director now owns 150,983 shares of the company’s stock, valued at approximately $8,492,793.75. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Karen Blasing sold 4,430 shares of GitLab stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total transaction of $249,187.50. Following the completion of the sale, the director now directly owns 150,983 shares in the company, valued at $8,492,793.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.99, for a total transaction of $2,743,440.00. The disclosure for this sale can be found here. In the last three months, insiders sold 128,608 shares of company stock worth $6,340,633. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in GitLab by 12.9% during the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after acquiring an additional 1,070,994 shares during the period. Capital Research Global Investors lifted its holdings in shares of GitLab by 78.5% in the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after purchasing an additional 3,096,437 shares during the last quarter. Norges Bank acquired a new position in GitLab during the 4th quarter valued at approximately $222,591,000. Fiera Capital Corp grew its stake in GitLab by 1.2% during the 2nd quarter. Fiera Capital Corp now owns 1,242,468 shares of the company’s stock worth $61,776,000 after buying an additional 14,687 shares during the last quarter. Finally, 1832 Asset Management L.P. acquired a new stake in GitLab in the fourth quarter worth $76,918,000. 91.72% of the stock is currently owned by institutional investors.

GitLab Company Profile

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.