Insider Selling: GitLab Inc. (NASDAQ:GTLB) Insider Sells 7,330 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 7,330 shares of the company’s 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 completion of the sale, the insider now owns 121,893 shares of the company’s stock, valued at approximately $6,945,463.14. This trade represents a 5.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was 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 shares were sold at an average price of $55.00, for a total transaction of $164,450.00.

GitLab Stock Performance

Shares of NASDAQ GTLB traded up $3.40 during trading hours on Friday, hitting $59.76. The stock had a trading volume of 2,874,946 shares, compared to its average volume of 2,228,523. The firm’s 50-day moving average price is $60.38 and its two-hundred day moving average price is $53.71. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The company has a market capitalization of $9.70 billion, a P/E ratio of -186.75 and a beta of 0.54.

Analysts Set New Price Targets

Several research firms recently commented on GTLB. 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 research note on Friday, December 6th. Canaccord Genuity Group increased their price objective on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Piper Sandler lifted their target price on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. JPMorgan Chase & Co. upped 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. Finally, DA Davidson increased their price target on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $76.42.

Institutional Trading of GitLab

Several large investors have recently added to or reduced their stakes in the business. Everence Capital Management Inc. bought a new stake in shares of GitLab during the 4th quarter worth about $221,000. Oddo BHF Asset Management Sas bought a new stake in GitLab during the third quarter worth approximately $6,865,000. Franklin Resources Inc. grew its holdings in GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of GitLab in the third quarter valued at approximately $98,000. Finally, Sanctuary Advisors LLC lifted its stake in shares of GitLab by 205.9% in the third quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock worth $631,000 after buying an additional 8,242 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

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.