GitLab Inc. (NASDAQ:GTLB) Director Sells $1,203,800.00 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 20,000 shares of GitLab stock in a transaction on 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 sale, the director now owns 204,913 shares in the company, valued at $12,333,713.47. The trade was a 8.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

GitLab Trading Down 3.0 %

GTLB stock opened at $57.97 on Monday. The company’s 50 day moving average is $60.15 and its 200 day moving average is $53.40. The stock has a market cap of $9.41 billion, a price-to-earnings 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.

Wall Street Analyst Weigh In

Several brokerages have commented on GTLB. Piper Sandler lifted their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Macquarie started coverage on shares of GitLab in a report on Thursday, December 12th. They issued an “outperform” rating and a $90.00 price target on the stock. Barclays increased their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Robert W. Baird boosted their target price on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Cantor Fitzgerald increased their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently made changes to their positions in the stock. Oddo BHF Asset Management Sas bought a new position in GitLab in the third quarter valued at $6,865,000. Franklin Resources Inc. increased its position in shares of GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of GitLab during the 3rd quarter valued at about $98,000. Sanctuary Advisors LLC boosted its stake in GitLab by 205.9% in the third quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock worth $631,000 after buying an additional 8,242 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after acquiring an additional 132,548 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

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.