GitLab Inc. (NASDAQ:GTLB) CFO Sells $1,172,300.16 in Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 23,334 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the sale, the chief financial officer now directly owns 282,441 shares of the company’s stock, valued at approximately $14,189,835.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

GitLab Trading Up 3.3 %

GitLab stock traded up $1.62 during trading hours on Monday, reaching $51.34. 3,735,640 shares of the company were exchanged, compared to its average volume of 2,640,254. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The firm has a market cap of $8.16 billion, a price-to-earnings ratio of -18.67 and a beta of 0.45. The stock has a 50-day moving average of $50.68 and a 200 day moving average of $58.97.

GitLab (NASDAQ:GTLB) last issued its quarterly 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 company had revenue of $169.19 million for 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 year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of GitLab by 12.9% in the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after purchasing an additional 1,070,994 shares during the period. Capital Research Global Investors lifted its holdings in GitLab by 78.5% during the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after purchasing an additional 3,096,437 shares during the last quarter. Norges Bank acquired a new position in GitLab in the fourth quarter valued at about $222,591,000. 1832 Asset Management L.P. bought a new stake in GitLab during the fourth quarter worth about $76,918,000. Finally, Fiera Capital Corp increased its holdings in shares of GitLab by 0.5% during the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after buying an additional 5,446 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GTLB. Wells Fargo & Company began coverage on shares of GitLab in a research report on Tuesday, April 9th. They issued an “overweight” rating and a $70.00 price objective for the company. TD Cowen reduced their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 5th. Capital One Financial began coverage on GitLab in a research report on Friday, March 22nd. They issued an “overweight” rating and a $72.00 target price for the company. JPMorgan Chase & Co. dropped their target price on GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, June 4th. Finally, KeyCorp decreased their price target on GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Four analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $67.30.

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.