GitLab Inc. (NASDAQ:GTLB) Insider Sells $417,663.40 in Stock

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 7,330 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.98, for a total value of $417,663.40. Following the sale, the insider now directly owns 121,893 shares in the company, valued at $6,945,463.14. This trade represents a 5.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Robin Schulman also recently made the following trade(s):

• On Friday, December 20th, Robin Schulman sold 2,996 shares of GitLab stock. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08.
• On Thursday, October 10th, Robin Schulman sold 2,990 shares of GitLab stock. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00.

GitLab Stock Up 6.0 %

Shares of GitLab stock opened at $59.76 on Friday. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The business has a 50-day moving average price of $60.38 and a 200-day moving average price of $53.71. The firm has a market cap of $9.70 billion, a price-to-earnings ratio of -186.75 and a beta of 0.54.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Barclays raised their target price on shares of GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Morgan Stanley lifted their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. The Goldman Sachs Group upped their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Royal Bank of Canada raised their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, Wells Fargo & Company upped their price target on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $76.42.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently added to or reduced their stakes in GTLB. Renaissance Technologies LLC boosted its position in shares of GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after acquiring an additional 747,712 shares during the last quarter. Primecap Management Co. CA raised its stake in GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after purchasing an additional 603,200 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in GitLab during the third quarter valued at $30,827,000. Atreides Management LP purchased a new position in shares of GitLab in the 3rd quarter worth $25,605,000. Finally, William Blair Investment Management LLC bought a new stake in shares of GitLab in the 2nd quarter worth about $16,071,000. Hedge funds and other 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.