Traders Buy Large Volume of Gitlab Put Options (NASDAQ:GTLB)

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Gitlab Inc (NASDAQ:GTLB) saw some unusual options trading on Wednesday. Stock investors acquired 21,693 put options on the stock. This is an increase of approximately 1,128% compared to the average daily volume of 1,767 put options.

A number of brokerages have commented on GTLB. Bank of America began coverage on Gitlab in a research note on Monday, November 8th. They issued a “buy” rating and a $140.00 price objective for the company. Royal Bank of Canada reduced their price objective on Gitlab from $140.00 to $107.00 and set a “sector perform” rating for the company in a research note on Tuesday, December 7th. Cowen reduced their price objective on Gitlab from $145.00 to $130.00 and set an “outperform” rating for the company in a research note on Tuesday, December 7th. Truist Securities began coverage on Gitlab in a research note on Monday, November 8th. They issued a “buy” rating and a $175.00 price objective for the company. Finally, Truist began coverage on Gitlab in a research note on Monday, November 8th. They issued a “buy” rating and a $175.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $128.40.

NASDAQ:GTLB opened at $68.87 on Thursday. The stock has a fifty day moving average price of $98.82. Gitlab has a 1 year low of $66.78 and a 1 year high of $137.00.

Gitlab (NASDAQ:GTLB) last released its earnings results on Monday, December 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.48) by $0.14. The firm had revenue of $66.80 million during the quarter, compared to analysts’ expectations of $58.87 million. As a group, equities analysts predict that Gitlab will post -1.71 EPS for the current fiscal year.

In other Gitlab news, Director Matthew Jacobson bought 48,816 shares of the firm’s stock in a transaction that occurred on Monday, December 13th. The stock was acquired at an average price of $74.64 per share, with a total value of $3,643,626.24. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Crossover Managemen Technology bought 325,000 shares of the firm’s stock in a transaction that occurred on Monday, October 18th. The shares were acquired at an average cost of $77.00 per share, with a total value of $25,025,000.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,290,645 shares of company stock valued at $100,358,309.

Gitlab Company Profile

GitLab Inc is the provider of The DevOps platform, a single application that brings together development, operations, IT, security, and business teams to deliver desired business outcomes. GitLab Inc is based in SAN FRANCISCO.

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