GitLab Inc. (NASDAQ:GTLB) Director Sells $1,125,200.00 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 20,000 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $56.26, for a total transaction of $1,125,200.00. Following the completion of the sale, the director now owns 184,913 shares of the company’s stock, valued at approximately $10,403,205.38. This represents a 9.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

GitLab Stock Performance

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

Wall Street Analyst Weigh In

GTLB has been the subject of several analyst reports. Truist Financial reiterated a “buy” rating and issued a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. DA Davidson lifted their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Piper Sandler boosted their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Needham & Company LLC raised their target price on GitLab from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Mizuho boosted their price target on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

Hedge Funds Weigh In On GitLab

Large investors have recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new stake in GitLab in the 3rd quarter worth approximately $678,000. State Street Corp raised its position in shares of GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares in the last quarter. Barclays PLC raised its position in shares of GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after buying an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in GitLab during the third quarter valued at $6,865,000. Finally, ARK Investment Management LLC purchased a new position in GitLab during the third quarter worth about $13,435,000. 95.04% of the stock is currently owned by institutional investors.

GitLab Company Profile

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.