GitLab Inc. (NASDAQ:GTLB) Insider Sells $4,655,682.00 in Stock

GitLab Inc. (NASDAQ:GTLB) insider Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

GitLab Stock Performance

Shares of GTLB opened at $42.17 on Thursday. The company has a market capitalization of $6.84 billion, a P/E ratio of -131.78 and a beta of 0.79. The stock has a 50-day moving average price of $54.26 and a 200 day moving average price of $58.17. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Morgan Stanley decreased their price target on GitLab from $77.00 to $53.00 and set an “overweight” rating on the stock in a research note on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Macquarie restated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Finally, Mizuho lowered their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $73.55.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently made changes to their positions in GTLB. Wealth Enhancement Advisory Services LLC lifted its position in shares of GitLab by 64.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,866 shares of the company’s stock worth $8,125,000 after purchasing an additional 67,559 shares during the last quarter. Union Bancaire Privee UBP SA lifted its holdings in GitLab by 46.1% during the 1st quarter. Union Bancaire Privee UBP SA now owns 96,854 shares of the company’s stock worth $4,471,000 after buying an additional 30,548 shares during the last quarter. Handelsbanken Fonder AB grew its position in shares of GitLab by 18.7% in the 1st quarter. Handelsbanken Fonder AB now owns 36,800 shares of the company’s stock worth $1,730,000 after acquiring an additional 5,800 shares in the last quarter. Avanza Fonder AB grew its position in shares of GitLab by 186.0% in the 1st quarter. Avanza Fonder AB now owns 14,121 shares of the company’s stock worth $682,000 after acquiring an additional 9,183 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock valued at $43,000 after acquiring an additional 490 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

GitLab Company Profile

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.