Susan L. Bostrom Sells 20,000 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 20,000 shares of GitLab stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $60.19, for a total value of $1,203,800.00. Following the completion of the transaction, the director now owns 204,913 shares in the company, valued at approximately $12,333,713.47. This represents a 8.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $57.97 on Monday. The stock has a market cap of $9.41 billion, a P/E ratio of -181.16 and a beta of 0.54. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The firm has a 50-day moving average of $60.15 and a 200 day moving average of $53.40.

Analyst Ratings Changes

A number of brokerages have commented on GTLB. JPMorgan Chase & Co. lifted their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Scotiabank upped their price target on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Robert W. Baird raised their price target on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. DA Davidson upped their price objective on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada raised their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

Hedge Funds Weigh In On GitLab

Several large investors have recently made changes to their positions in GTLB. Bank of New York Mellon Corp increased its position in GitLab by 30.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 676,579 shares of the company’s stock valued at $33,640,000 after buying an additional 156,582 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of GitLab by 549.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,726 shares of the company’s stock valued at $185,000 after acquiring an additional 3,152 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of GitLab by 48.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,524 shares of the company’s stock worth $1,219,000 after purchasing an additional 7,987 shares during the last quarter. Principal Financial Group Inc. boosted its stake in GitLab by 14.6% in the 2nd quarter. Principal Financial Group Inc. now owns 10,324 shares of the company’s stock worth $513,000 after purchasing an additional 1,314 shares in the last quarter. Finally, iA Global Asset Management Inc. purchased a new stake in GitLab during the 2nd quarter valued at about $4,608,000. 95.04% of the stock is currently 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.