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

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on 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 owns 267,380 shares in the company, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

GitLab Price Performance

NASDAQ:GTLB traded up $3.40 during trading hours on Friday, reaching $59.76. 2,874,946 shares of the company were exchanged, compared to its average volume of 2,228,523. The firm has a market cap of $9.70 billion, a price-to-earnings ratio of -186.75 and a beta of 0.54. The stock has a 50 day simple moving average of $60.38 and a 200 day simple moving average of $53.71. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab in the 3rd quarter valued at $52,000. True Wealth Design LLC acquired a new stake in GitLab in the 3rd quarter valued at $56,000. Rakuten Securities Inc. raised its position in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares during the period. Quarry LP lifted its stake in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of GitLab in the third quarter worth about $96,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised their target price on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Cantor Fitzgerald boosted their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Robert W. Baird increased their target price on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Wells Fargo & Company boosted their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Scotiabank raised their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, GitLab currently has an average 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.