GitLab Inc. (NASDAQ:GTLB) Director Sells 547,679 Shares

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the sale, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

GitLab Trading Down 0.2 %

Shares of NASDAQ GTLB opened at $56.35 on Wednesday. The stock has a fifty day simple moving average of $60.20 and a two-hundred day simple moving average of $53.56. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53. The firm has a market cap of $9.15 billion, a price-to-earnings ratio of -176.09 and a beta of 0.54.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GTLB. Future Financial Wealth Managment LLC purchased a new stake in GitLab during the third quarter valued at about $52,000. True Wealth Design LLC bought a new stake in shares of GitLab in the third quarter valued at approximately $56,000. Rakuten Securities Inc. lifted its stake in shares of GitLab by 268.1% during the 3rd 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 in the last quarter. Quarry LP boosted its holdings in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in GitLab in the 3rd quarter valued at approximately $96,000. Institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Morgan Stanley raised their target price on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. TD Cowen raised their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Royal Bank of Canada boosted their price objective on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Mizuho increased their target price on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Finally, DA Davidson boosted their price target on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price 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.