Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells 547,679 Shares of Stock

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

GitLab Stock Performance

GTLB stock opened at $56.47 on Tuesday. The company has a market cap of $9.17 billion, a price-to-earnings ratio of -176.47 and a beta of 0.54. The business’s 50-day moving average is $60.17 and its two-hundred day moving average is $53.48. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GTLB shares. BTIG Research boosted their price objective on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. DA Davidson upped their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. TD Cowen lifted 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. KeyCorp increased their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Robert W. Baird lifted their price target on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently made changes to their positions in GTLB. Bank of Marin grew its position in GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after buying an additional 171 shares during the period. Glenmede Trust Co. NA raised its holdings in GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after purchasing an additional 334 shares during the period. Blue Trust Inc. raised its holdings in GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after purchasing an additional 488 shares during the period. Caprock Group LLC lifted its position in GitLab by 1.9% during the second quarter. Caprock Group LLC now owns 31,272 shares of the company’s stock valued at $1,555,000 after purchasing an additional 586 shares in the last quarter. Finally, Blair William & Co. IL grew its holdings in GitLab by 1.9% during the second quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock valued at $2,096,000 after purchasing an additional 769 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

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.