GitLab Inc. (NASDAQ:GTLB) Director Sells $2,075,200.00 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the sale, the director now directly owns 144,913 shares in the company, valued at approximately $7,518,086.44. This represents a 21.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

GitLab Price Performance

Shares of GTLB stock opened at $50.95 on Friday. GitLab Inc. has a 1-year low of $40.72 and a 1-year 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. The stock has a 50 day simple moving average of $62.77 and a 200-day simple moving average of $59.31.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Royal Bank of Canada reiterated an “outperform” rating and set a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Piper Sandler raised their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Scotiabank upped their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Finally, KeyCorp raised their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $75.52.

Hedge Funds Weigh In On GitLab

A number of large investors have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd acquired a new stake in shares of GitLab in the third quarter valued at about $678,000. State Street Corp boosted its holdings in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares during the last quarter. Barclays PLC increased its stake 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 buying an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of GitLab during the third quarter valued at approximately $6,865,000. Finally, Swiss National Bank lifted its position in shares of GitLab by 3.7% in the fourth quarter. Swiss National Bank now owns 215,000 shares of the company’s stock valued at $12,115,000 after acquiring an additional 7,700 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.