GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins Sells 23,332 Shares

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 23,332 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

GitLab Trading Down 1.5 %

Shares of GTLB opened at $47.71 on Monday. The company’s 50 day simple moving average is $49.10 and its 200-day simple moving average is $57.27. The firm has a market cap of $7.58 billion, a PE ratio of -17.35 and a beta of 0.46. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53.

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

Analyst Ratings Changes

GTLB has been the topic of several recent research reports. Bank of America lowered their price target on shares of GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Needham & Company LLC reiterated a “hold” rating on shares of GitLab in a report on Wednesday, July 17th. DA Davidson cut their price target on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, June 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of GitLab in a report on Thursday, July 18th. Finally, Canaccord Genuity Group cut their target price on GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.30.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Byrne Asset Management LLC acquired a new stake in shares of GitLab during the first quarter worth $33,000. Allspring Global Investments Holdings LLC raised its position in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of GitLab in the 1st quarter worth $58,000. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab in the first quarter valued at about $58,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of GitLab during the fourth quarter worth about $71,000. Institutional investors and hedge funds own 91.72% 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.