Brian G. Robins Sells 10,000 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $15,037,451.20. This represents a 3.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

GitLab Price Performance

GitLab stock opened at $59.76 on Friday. The business has a 50 day simple moving average of $60.38 and a 200-day simple moving average of $53.71. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $78.53. The stock has a market capitalization of $9.70 billion, a PE ratio of -186.75 and a beta of 0.54.

Hedge Funds Weigh In On GitLab

A number of large investors have recently bought and sold shares of GTLB. Allspring Global Investments Holdings LLC increased its stake in shares of GitLab by 549.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,726 shares of the company’s stock worth $185,000 after acquiring an additional 3,152 shares during the period. Principal Financial Group Inc. boosted its holdings in GitLab by 14.6% in the 2nd quarter. Principal Financial Group Inc. now owns 10,324 shares of the company’s stock valued at $513,000 after purchasing an additional 1,314 shares in the last quarter. Rhumbline Advisers increased its position in GitLab by 21.9% during the 2nd quarter. Rhumbline Advisers now owns 128,193 shares of the company’s stock worth $6,374,000 after purchasing an additional 22,989 shares during the period. Arizona State Retirement System raised its stake in shares of GitLab by 41.8% during the 2nd quarter. Arizona State Retirement System now owns 31,538 shares of the company’s stock worth $1,568,000 after buying an additional 9,298 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of GitLab by 3,424.5% in the second quarter. Acadian Asset Management LLC now owns 18,257 shares of the company’s stock valued at $907,000 after buying an additional 17,739 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GTLB. Piper Sandler upped their target price on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. TD Cowen increased their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Barclays lifted their price objective on shares of GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Wells Fargo & Company increased their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target 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.