GitLab Inc. (NASDAQ:GTLB) Insider Sells $647,570.00 in Stock

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 9,251 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the sale, the insider now directly owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Friday, January 17th, Robin Schulman sold 9,251 shares of GitLab stock. The shares were sold at an average price of $65.00, for a total transaction of $601,315.00.
• 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 transaction 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 value of $167,716.08.

GitLab Price Performance

GTLB stock opened at $72.76 on Friday. The company has a market capitalization of $11.81 billion, a P/E ratio of -227.38 and a beta of 0.57. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $78.53. The firm’s fifty day simple moving average is $62.38 and its 200-day simple moving average is $55.86.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GTLB shares. Barclays boosted their target price on shares of GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. KeyCorp lifted their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Truist Financial reiterated a “buy” rating and issued a $90.00 price target (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Mizuho upped their price objective on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Finally, Morgan Stanley increased their target price on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

Institutional Investors Weigh In On GitLab

Hedge funds have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC purchased a new position in shares of GitLab during the 3rd quarter valued at about $30,827,000. Atreides Management LP purchased a new position in GitLab during the third quarter valued at approximately $25,605,000. Thrivent Financial for Lutherans raised its position in GitLab by 128.8% during the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after acquiring an additional 312,119 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in GitLab by 6,821.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock valued at $15,340,000 after acquiring an additional 293,332 shares during the period. Finally, ARK Investment Management LLC purchased a new stake in GitLab in the 3rd quarter worth approximately $13,435,000. 95.04% of the stock is owned by hedge funds and other 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.