Insider Selling: GitLab Inc. (NASDAQ:GTLB) Insider Sells $601,315.00 in Stock

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $65.00, for a total value of $601,315.00. Following the sale, the insider now directly owns 121,893 shares of the company’s stock, valued at $7,923,045. This represents a 7.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Robin Schulman also recently made the following trade(s):

• On Thursday, January 2nd, Robin Schulman sold 7,330 shares of GitLab stock. The stock was sold at an average price of $56.98, for a total value of $417,663.40.
• 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.

GitLab Stock Up 1.3 %

GTLB stock opened at $64.79 on Friday. The stock has a market capitalization of $10.52 billion, a PE ratio of -202.47 and a beta of 0.57. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The firm has a 50 day moving average of $61.57 and a 200 day moving average of $55.10.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the 3rd quarter worth about $52,000. True Wealth Design LLC purchased a new position in shares of GitLab in the third quarter worth about $56,000. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab during the fourth quarter worth about $66,000. Rakuten Securities Inc. boosted 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 buying an additional 1,032 shares during the last quarter. Finally, Quarry LP increased its holdings in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GTLB has been the subject of several research reports. The Goldman Sachs Group boosted their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. KeyCorp boosted their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Piper Sandler raised their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Cantor Fitzgerald upped their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Finally, Wells Fargo & Company increased their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three equities research 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

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.