GitLab Inc. (NASDAQ:GTLB) Director Sundeep Bedi Sells 9,000 Shares

GitLab Inc. (NASDAQ:GTLBGet Free Report) Director Sundeep Bedi sold 9,000 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $58.64, for a total value of $527,760.00. Following the completion of the transaction, the director now directly owns 8,369 shares in the company, valued at $490,758.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $58.32 on Friday. GitLab Inc. has a twelve month low of $26.24 and a twelve month high of $78.53. The company’s fifty day moving average is $66.59 and its 200-day moving average is $56.95.

GitLab (NASDAQ:GTLBGet Free Report) last issued its quarterly earnings data on Monday, March 4th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.08 by $0.07. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The business had revenue of $163.80 million for the quarter, compared to the consensus estimate of $157.89 million. During the same quarter last year, the business posted ($0.26) EPS. The firm’s revenue was up 33.3% compared to the same quarter last year. Analysts expect that GitLab Inc. will post -0.96 EPS for the current year.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of GitLab by 12.9% in the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after buying an additional 1,070,994 shares during the period. Morgan Stanley grew its holdings in shares of GitLab by 3.0% during the 4th quarter. Morgan Stanley now owns 7,845,971 shares of the company’s stock worth $356,521,000 after purchasing an additional 228,085 shares in the last quarter. HMI Capital Management L.P. grew its holdings in shares of GitLab by 53.9% during the 2nd quarter. HMI Capital Management L.P. now owns 7,406,153 shares of the company’s stock worth $378,528,000 after purchasing an additional 2,594,437 shares in the last quarter. Invesco Ltd. increased its position in shares of GitLab by 71.3% in the third quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock worth $191,590,000 after purchasing an additional 1,762,944 shares during the period. Finally, 1832 Asset Management L.P. raised its stake in GitLab by 152.1% in the fourth quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock valued at $179,588,000 after purchasing an additional 2,384,500 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $74.00 target price on shares of GitLab in a research note on Tuesday, March 5th. UBS Group lowered their price target on shares of GitLab from $81.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Capital One Financial initiated coverage on shares of GitLab in a report on Friday, March 22nd. They issued an “overweight” rating and a $72.00 price objective on the stock. Cantor Fitzgerald lowered their price objective on GitLab from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, March 5th. Finally, Bank of America cut their target price on GitLab from $88.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Five equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $69.19.

Check Out Our Latest Research Report on GTLB

GitLab Company Profile

(Get Free Report)

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.

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