GitLab Inc. (NASDAQ:GTLB) Director Sells $177,840.00 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.72, for a total transaction of $177,840.00. Following the completion of the transaction, the director now directly owns 141,233 shares in the company, valued at approximately $7,728,269.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

GitLab Stock Down 0.1 %

Shares of GitLab stock opened at $54.35 on Thursday. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53. The stock has a 50 day moving average price of $49.94 and a two-hundred day moving average price of $51.02. The stock has a market capitalization of $8.64 billion, a P/E ratio of -19.76 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.29) EPS. Sell-side analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current year.

Hedge Funds Weigh In On GitLab

Several large investors have recently made changes to their positions in the business. Blair William & Co. IL increased its position in GitLab by 55.3% in the 1st quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock worth $2,413,000 after buying an additional 14,738 shares during the period. Banque Cantonale Vaudoise acquired a new stake in shares of GitLab in the first quarter worth $58,000. Comerica Bank raised its stake in GitLab by 2,076.2% during the 1st quarter. Comerica Bank now owns 66,373 shares of the company’s stock valued at $3,871,000 after purchasing an additional 63,323 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of GitLab during the first quarter valued at about $922,000. Finally, William Blair Investment Management LLC acquired a new position in GitLab in the 2nd quarter valued at approximately $16,071,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Morgan Stanley assumed coverage on GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. UBS Group raised their price objective on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Barclays upped their target price on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Finally, BTIG Research boosted their price objective on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $66.22.

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.