Insider Selling: GitLab Inc. (NASDAQ:GTLB) Insider Sells 9,251 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $65.00, for a total value of $601,315.00. Following the completion of the transaction, the insider now directly owns 121,893 shares of the company’s stock, valued at approximately $7,923,045. This trade represents a 7.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Robin Schulman also recently made the following trade(s):

• On Thursday, January 2nd, Robin Schulman sold 7,330 shares of GitLab stock. The shares were sold at an average price of $56.98, for a total value of $417,663.40.
• On Friday, December 20th, Robin Schulman sold 2,996 shares of GitLab stock. The stock was sold at an average price of $55.98, for a total value of $167,716.08.

GitLab Stock Up 1.3 %

Shares of NASDAQ:GTLB opened at $64.79 on Friday. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The stock has a market cap of $10.52 billion, a P/E ratio of -202.47 and a beta of 0.57. The business has a fifty day moving average of $61.57 and a two-hundred day moving average of $55.10.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its holdings in GitLab by 4.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company’s stock valued at $5,593,000 after purchasing an additional 5,078 shares during the last quarter. Amalgamated Bank lifted its holdings in GitLab by 33.3% in the second quarter. Amalgamated Bank now owns 8,005 shares of the company’s stock valued at $398,000 after acquiring an additional 2,001 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in GitLab in the second quarter worth approximately $206,000. Blair William & Co. IL increased its stake in GitLab by 1.9% during the second quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock worth $2,096,000 after acquiring an additional 769 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in GitLab in the second quarter valued at $627,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on GTLB. JPMorgan Chase & Co. boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Robert W. Baird upped their price objective on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. The Goldman Sachs Group raised their target price on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. DA Davidson lifted their price target on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $85.00 price target on shares of GitLab in a research report on Tuesday, January 7th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

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.