GitLab Inc. (NASDAQ:GTLB) Director Sells $8,001,948.56 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 152,884 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the transaction, the director now directly owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Matthew Jacobson also recently made the following trade(s):

• On Thursday, December 26th, Matthew Jacobson sold 547,679 shares of GitLab stock. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88.

GitLab Price Performance

NASDAQ:GTLB traded down $1.73 during mid-day trading on Wednesday, reaching $51.40. The stock had a trading volume of 1,255,015 shares, compared to its average volume of 2,405,496. The stock has a market cap of $8.34 billion, a P/E ratio of -160.63 and a beta of 0.67. The business’s 50 day moving average is $62.50 and its 200 day moving average is $59.32. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after purchasing an additional 885,955 shares during the period. Norges Bank bought a new position in GitLab in the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership lifted its holdings in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after buying an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of GitLab by 17.6% in the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after acquiring an additional 470,192 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after purchasing an additional 1,583,221 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on GTLB. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Barclays decreased their price target on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Truist Financial reiterated a “buy” rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Macquarie reaffirmed an “outperform” rating and set a $90.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $75.52.

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.