GitLab Inc. (NASDAQ:GTLB) CFO Sells $562,400.00 in Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total transaction of $562,400.00. Following the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

GitLab Trading Up 6.0 %

NASDAQ:GTLB traded up $3.40 during midday trading on Friday, hitting $59.76. 2,874,946 shares of the stock were exchanged, compared to its average volume of 2,228,523. The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of -186.75 and a beta of 0.54. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The business has a 50-day moving average price of $60.38 and a two-hundred day moving average price of $53.71.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GTLB. Robert W. Baird lifted their target price on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Canaccord Genuity Group increased their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. KeyCorp lifted their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Mizuho increased their price objective on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Finally, TD Cowen increased their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Three equities 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, GitLab has a consensus rating of “Moderate Buy” and an average target price of $76.42.

Institutional Trading of GitLab

Hedge funds and other institutional investors have recently modified their holdings of the company. Future Financial Wealth Managment LLC bought a new position in GitLab during the third quarter valued at about $52,000. True Wealth Design LLC bought a new position in shares of GitLab during the 3rd quarter valued at about $56,000. Rakuten Securities Inc. boosted its position in shares of GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP grew its stake in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in shares of GitLab in the 3rd quarter worth approximately $96,000. 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.