Matthew Jacobson Sells 547,679 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

GitLab Trading Down 0.2 %

Shares of GTLB stock opened at $56.35 on Wednesday. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of -176.09 and a beta of 0.54. The stock has a 50-day moving average of $60.20 and a 200-day moving average of $53.56.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new stake in shares of GitLab during the third quarter worth $678,000. State Street Corp boosted its position in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares during the last quarter. Barclays PLC grew its holdings in GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after acquiring an additional 40,171 shares during the period. Oddo BHF Asset Management Sas bought a new position in shares of GitLab in the 3rd quarter worth about $6,865,000. Finally, ARK Investment Management LLC acquired a new position in shares of GitLab in the 3rd quarter valued at about $13,435,000. Institutional investors own 95.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. BTIG Research upped their price objective on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Wells Fargo & Company upped their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. UBS Group lifted their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Cantor Fitzgerald raised their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, DA Davidson boosted their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, GitLab currently has an average 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.