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

GitLab Inc. (NASDAQ:GTLB) saw some unusual options trading on Tuesday. Stock traders acquired 12,124 call options on the stock. This represents an increase of 88% compared to the typical daily volume of 6,433 call options.

Insider Activity

In other news, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the sale, the insider now directly owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 825,698 shares of company stock worth $49,549,749. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab during the third quarter worth $52,000. True Wealth Design LLC acquired a new position in shares of GitLab during the third quarter worth $56,000. Raleigh Capital Management Inc. acquired a new position in shares of GitLab during the fourth quarter worth $66,000. Rakuten Securities Inc. increased its holdings in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

GitLab Trading Up 9.9 %

NASDAQ GTLB traded up $6.39 on Tuesday, hitting $71.15. 3,726,960 shares of the company’s stock were exchanged, compared to its average volume of 2,574,092. The stock has a 50-day moving average of $61.66 and a 200-day moving average of $55.25. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53. The stock has a market cap of $11.55 billion, a price-to-earnings ratio of -223.48 and a beta of 0.57.

Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of recent analyst reports. Canaccord Genuity Group raised their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. The Goldman Sachs Group lifted their target price on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Macquarie reissued an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research note on Wednesday, January 15th. Scotiabank lifted their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada lifted their target price on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

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.