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 the stock in a transaction that occurred 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 transaction, the director now owns 204,913 shares in the company, valued at approximately $12,333,713.47. This trade represents a 8.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

GitLab Trading Down 3.0 %

GTLB stock opened at $57.97 on Friday. The firm has a market cap of $9.41 billion, a PE ratio of -181.16 and a beta of 0.54. The stock has a 50-day moving average price of $60.15 and a 200-day moving average price of $53.35. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

Institutional Investors Weigh In On GitLab

Hedge funds have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab during the 3rd quarter worth approximately $52,000. True Wealth Design LLC bought a new position in GitLab during the third quarter worth $56,000. Rakuten Securities Inc. grew its holdings in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the period. Quarry LP grew its holdings in GitLab by 527.0% in the second 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 period. Finally, Capital Performance Advisors LLP bought a new stake in GitLab in the third quarter valued at $96,000. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Mizuho increased their price objective on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Bank of America lifted their price objective on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Scotiabank increased their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group lifted their price target on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, UBS Group increased their price target on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average price target 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.