GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom Sells 40,000 Shares

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now directly owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This trade represents a 21.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

GitLab Trading Down 0.4 %

GTLB stock traded down $0.21 during trading on Friday, hitting $50.95. The company had a trading volume of 2,472,987 shares, compared to its average volume of 2,419,120. The business has a 50-day moving average of $62.95 and a 200-day moving average of $59.18. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18. The stock has a market cap of $8.27 billion, a PE ratio of -159.22 and a beta of 0.67.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of GitLab during the 4th quarter worth $279,089,000. Ameriprise Financial Inc. raised its holdings in shares of GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after buying an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership grew its position in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Alliancebernstein L.P. grew its position in GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after acquiring an additional 1,420,248 shares during the last quarter. Finally, Marshall Wace LLP grew its position in GitLab by 572.3% during the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock worth $61,654,000 after acquiring an additional 931,396 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. DA Davidson dropped their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. Canaccord Genuity Group lifted their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Wells Fargo & Company lifted their target price on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.38.

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.