GitLab Inc. (NASDAQ:GTLB) CAO Sells $21,582.84 in Stock

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 444 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $48.61, for a total value of $21,582.84. Following the completion of the transaction, the chief accounting officer now directly owns 75,332 shares in the company, valued at approximately $3,661,888.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Erin Mannix also recently made the following trade(s):

• On Thursday, June 27th, Erin Mannix sold 494 shares of GitLab stock. The stock was sold at an average price of $50.00, for a total transaction of $24,700.00.
• On Thursday, June 20th, Erin Mannix sold 494 shares of GitLab stock. The shares were sold at an average price of $42.92, for a total transaction of $21,202.48.

GitLab Trading Up 3.3 %

Shares of GTLB traded up $1.62 during midday trading on Monday, reaching $51.34. The stock had a trading volume of 3,735,640 shares, compared to its average volume of 2,640,254. The firm has a market cap of $8.16 billion, a PE ratio of -18.67 and a beta of 0.45. GitLab Inc. has a one year low of $40.19 and a one year high of $78.53. The firm has a 50 day simple moving average of $50.68 and a 200-day simple moving average of $58.97.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The firm had revenue of $169.19 million during the quarter, compared to the consensus estimate of $165.66 million. As a group, research analysts forecast that GitLab Inc. will post -0.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GTLB. TD Cowen dropped their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Tuesday, March 5th. UBS Group cut their price objective on shares of GitLab from $81.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Bank of America reduced their price objective on shares of GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. KeyCorp cut their price target on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Barclays reduced their price target on GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.30.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in GTLB. DekaBank Deutsche Girozentrale lifted its holdings in shares of GitLab by 69.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 220,227 shares of the company’s stock worth $12,899,000 after purchasing an additional 90,365 shares during the period. Cetera Advisors LLC bought a new stake in shares of GitLab in the 1st quarter valued at about $368,000. Comerica Bank increased its stake in shares of GitLab by 2,076.2% in the first quarter. Comerica Bank now owns 66,373 shares of the company’s stock valued at $3,871,000 after buying an additional 63,323 shares during the period. Tidal Investments LLC bought a new position in shares of GitLab during the first quarter worth about $922,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of GitLab during the first quarter worth about $13,463,000. 91.72% of the stock is owned by institutional investors.

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.