Sytse Sijbrandij Sells 84,776 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Sytse Sijbrandij also recently made the following trade(s):

• On Tuesday, October 15th, Sytse Sijbrandij sold 56,000 shares of GitLab stock. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00.

GitLab Stock Up 4.3 %

Shares of GTLB opened at $64.80 on Friday. The stock has a fifty day simple moving average of $54.86 and a two-hundred day simple moving average of $51.39. The company has a market capitalization of $10.40 billion, a PE ratio of -27.44 and a beta of 0.45. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53.

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

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Geode Capital Management LLC boosted its stake in GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after buying an additional 132,548 shares during the period. M&T Bank Corp acquired a new stake in GitLab in the 3rd quarter valued at approximately $248,000. Barclays PLC raised its position in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in GitLab during the third quarter worth $678,000. Finally, MML Investors Services LLC purchased a new position in shares of GitLab during the third quarter worth $1,685,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on GTLB shares. Scotiabank increased their price objective on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, September 4th. BTIG Research lifted their price objective on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Baird R W upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Wells Fargo & Company lifted their price target on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, Bank of America lifted their price target on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $66.67.

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.