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 stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now 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 filing with the Securities & Exchange Commission, which is available through this hyperlink.

GitLab Price Performance

Shares of NASDAQ:GTLB traded down $1.50 during trading on Monday, hitting $56.47. 1,752,349 shares of the company’s stock were exchanged, compared to its average volume of 2,450,922. The business’s 50-day simple moving average is $60.17 and its 200 day simple moving average is $53.48. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The company has a market cap of $9.17 billion, a price-to-earnings ratio of -176.47 and a beta of 0.54.

Wall Street Analyst Weigh In

Several analysts have issued reports on GTLB shares. Royal Bank of Canada boosted their target price on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. TD Cowen increased their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. BTIG Research increased their target price on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Robert W. Baird raised their price objective on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Finally, Wells Fargo & Company boosted their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

Institutional Trading of GitLab

Hedge funds and other institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC raised its holdings in shares of GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after buying an additional 747,712 shares during the last quarter. Primecap Management Co. CA lifted its holdings 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 acquired a new position in GitLab in the 3rd quarter valued at $30,827,000. Atreides Management LP purchased a new stake in shares of GitLab in the third quarter valued at approximately $25,605,000. Finally, William Blair Investment Management LLC acquired a new stake in shares of GitLab during the 2nd quarter worth approximately $16,071,000. 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.