Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells 152,884 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 152,884 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the sale, the director now owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Matthew Jacobson also recently made the following trade(s):

• On Thursday, December 26th, Matthew Jacobson sold 547,679 shares of GitLab stock. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88.

GitLab Price Performance

NASDAQ GTLB opened at $48.38 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 capitalization of $7.85 billion, a PE ratio of -151.19 and a beta of 0.67. The company has a fifty day moving average of $61.70 and a 200 day moving average of $59.16.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Canaccord Genuity Group increased their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. The Goldman Sachs Group raised their price objective 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 reduced their target price on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Wells Fargo & Company increased their price target on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. cut their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Three equities 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.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $75.52.

Hedge Funds Weigh In On GitLab

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after acquiring an additional 885,955 shares in the last quarter. Norges Bank acquired a new stake in shares of GitLab during the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership increased its holdings in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after purchasing an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after buying an additional 1,583,221 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.