Sytse Sijbrandij Sells 56,000 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

GitLab Trading Up 0.1 %

Shares of NASDAQ GTLB opened at $54.43 on Friday. The company has a market capitalization of $8.65 billion, a P/E ratio of -19.79 and a beta of 0.46. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The stock has a 50 day moving average of $50.22 and a 200-day moving average of $51.04.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.29) earnings per share. Analysts predict that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on GTLB. Morgan Stanley began coverage on GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 target price for the company. Barclays boosted their price objective on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Needham & Company LLC reissued a “hold” rating on shares of GitLab in a research note on Wednesday, September 4th. Wells Fargo & Company boosted their price target on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, BTIG Research boosted their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.22.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Moloney Securities Asset Management LLC grew its position in shares of GitLab by 4.9% in the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after purchasing an additional 300 shares during the last quarter. Park Avenue Securities LLC grew its holdings in GitLab by 9.6% in the 1st quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock valued at $207,000 after buying an additional 311 shares in the last quarter. Canton Hathaway LLC grew its holdings in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after buying an additional 435 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the period. Finally, Caprock Group LLC lifted its holdings in shares of GitLab by 1.9% during the second quarter. Caprock Group LLC now owns 31,272 shares of the company’s stock worth $1,555,000 after buying an additional 586 shares in the last quarter. 91.72% of the stock is owned by institutional investors.

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.