Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells $191,717.50 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the sale, the director now owns 134,733 shares of the company’s stock, valued at $7,947,899.67. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Karen Blasing also recently made the following trade(s):

• On Friday, November 15th, Karen Blasing sold 3,250 shares of GitLab stock. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50.
• On Tuesday, October 15th, Karen Blasing sold 3,250 shares of GitLab stock. The stock was sold at an average price of $54.72, for a total value of $177,840.00.

GitLab Stock Down 2.8 %

GitLab stock opened at $55.66 on Friday. The company’s 50-day moving average price is $59.55 and its 200-day moving average price is $52.66. The company has a market cap of $9.03 billion, a PE ratio of -173.94 and a beta of 0.54. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53.

Institutional Investors Weigh In On GitLab

Several large investors have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of GitLab in the 2nd quarter valued at approximately $214,000. Summit Global Investments purchased a new stake in GitLab during the 2nd quarter valued at $293,000. Lecap Asset Management Ltd. bought a new stake in GitLab in the second quarter worth $595,000. Bank of New York Mellon Corp boosted its stake in GitLab by 30.1% during the second quarter. Bank of New York Mellon Corp now owns 676,579 shares of the company’s stock worth $33,640,000 after buying an additional 156,582 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in 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 during the last quarter. 95.04% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GTLB has been the subject of several recent research reports. Piper Sandler boosted their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Cantor Fitzgerald boosted their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. DA Davidson raised their target price on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Needham & Company LLC lifted their price target on shares of GitLab from $70.00 to $85.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Wells Fargo & Company increased their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.