GitLab Target of Unusually Large Options Trading (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB) saw unusually large options trading activity on Thursday. Stock traders purchased 14,255 call options on the stock. This is an increase of 157% compared to the average daily volume of 5,550 call options.

Insider Buying and Selling

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently made changes to their positions in GTLB. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the third quarter valued at $52,000. True Wealth Design LLC purchased a new position in shares of GitLab during the third quarter valued at $56,000. Rakuten Securities Inc. increased its stake in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the period. Quarry LP increased its stake in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of GitLab during the third quarter valued at $96,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Stock Up 1.7 %

GTLB stock opened at $67.19 on Friday. The business’s fifty day simple moving average is $57.91 and its two-hundred day simple moving average is $52.28. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The firm has a market cap of $10.78 billion, a price-to-earnings ratio of -28.71 and a beta of 0.54.

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

Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of research analyst reports. Barclays increased their price objective on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Cantor Fitzgerald increased their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday. Canaccord Genuity Group increased their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday. Bank of America increased their target price on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company increased their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $74.56.

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.