Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells 40,000 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the transaction, the director now owns 144,913 shares in the company, valued at $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

GitLab Stock Performance

NASDAQ:GTLB opened at $50.95 on Friday. The stock’s fifty day moving average price is $62.77 and its two-hundred day moving average price is $59.20. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18. The company has a market cap of $8.27 billion, a price-to-earnings ratio of -159.22 and a beta of 0.67.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GTLB shares. Macquarie restated an “outperform” rating and set a $90.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Piper Sandler boosted their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Canaccord Genuity Group upped their price objective on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Scotiabank upped their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, Morgan Stanley upped their price objective on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $75.38.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GTLB. OneDigital Investment Advisors LLC acquired a new position in GitLab during the 3rd quarter worth $200,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in GitLab by 111.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock worth $17,334,000 after buying an additional 176,967 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in GitLab by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company’s stock worth $38,728,000 after buying an additional 57,381 shares in the last quarter. Cerity Partners LLC lifted its holdings in GitLab by 772.3% during the 3rd quarter. Cerity Partners LLC now owns 56,307 shares of the company’s stock worth $2,902,000 after buying an additional 49,852 shares in the last quarter. Finally, Whetstone Capital Advisors LLC lifted its stake in shares of GitLab by 60.8% in the 3rd quarter. Whetstone Capital Advisors LLC now owns 110,544 shares of the company’s stock valued at $5,697,000 after purchasing an additional 41,804 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

About GitLab

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.