Insider Selling: GitLab (NASDAQ:GTLB) CTO Sells $2,376,668.70 in Stock

GitLab Inc. (NASDAQ:GTLB) CTO Sivaprasad Padisetty sold 51,915 shares of the firm’s stock in a transaction on Monday, September 28th. The shares were sold at an average price of $45.78, for a total value of $2,376,668.70. Following the sale, the chief technology officer directly owned 377,211 shares of the company’s stock, valued at $17,268,719.58. This represents a 12.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

GitLab Price Performance

NASDAQ:GTLB opened at $47.25 on Thursday. The company has a market cap of $7.87 billion, a P/E ratio of -147.65 and a beta of 0.99. The firm’s fifty day moving average price is $43.06 and its two-hundred day moving average price is $32.10. GitLab Inc. has a one year low of $18.73 and a one year high of $55.55.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 1st. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.06. The business had revenue of $286.25 million for the quarter, compared to analyst estimates of $273.13 million. GitLab had a negative net margin of 4.99% and a negative return on equity of 1.28%. GitLab’s quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 EPS. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. As a group, equities research analysts expect that GitLab Inc. will post -0.28 earnings per share for the current year.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently made changes to their positions in the company. Eminence Capital LP increased its stake in GitLab by 6.9% in the fourth quarter. Eminence Capital LP now owns 7,702,226 shares of the company’s stock valued at $289,065,000 after acquiring an additional 494,497 shares during the last quarter. Atreides Management LP bought a new stake in GitLab during the second quarter worth $102,983,000. SG Americas Securities LLC boosted its holdings in shares of GitLab by 6,528.0% in the 1st quarter. SG Americas Securities LLC now owns 3,135,394 shares of the company’s stock valued at $67,850,000 after purchasing an additional 3,088,089 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of GitLab by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,723,013 shares of the company’s stock valued at $102,216,000 after purchasing an additional 97,342 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of GitLab by 3.2% in the 2nd quarter. State Street Corp now owns 2,632,173 shares of the company’s stock valued at $80,351,000 after purchasing an additional 81,807 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GTLB. TD Cowen increased their target price on shares of GitLab from $29.00 to $42.00 and gave the stock a “hold” rating in a research report on Thursday, August 27th. Cantor Fitzgerald lifted their price target on shares of GitLab from $35.00 to $50.00 and gave the company a “neutral” rating in a research report on Monday, August 31st. Piper Sandler boosted their price target on GitLab from $28.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday, September 2nd. Truist Financial reissued a “hold” rating and set a $48.00 price target (up from $40.00) on shares of GitLab in a research report on Wednesday, September 2nd. Finally, Barclays raised their price objective on GitLab from $25.00 to $47.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 2nd. Seven research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $51.75.

About GitLab

GitLab Inc (NASDAQ:GTLB) develops a cloud-based DevSecOps platform that helps organizations plan, create, secure and deploy software. Its platform brings together source code management, version control, issue tracking, project planning, continuous integration and continuous delivery, enabling development, operations and security teams to collaborate in a unified environment.

GitLab’s products also include application security testing, vulnerability management, compliance tools, infrastructure as code, software supply chain security and monitoring capabilities.