GitLab Inc. (NASDAQ:GTLB) Director Sells $32,707,389.88 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $56.35 on Thursday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The firm has a market capitalization of $9.15 billion, a price-to-earnings ratio of -176.09 and a beta of 0.54. The business’s 50 day moving average price is $60.27 and its 200-day moving average price is $53.58.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Oddo BHF Asset Management Sas purchased a new position in shares of GitLab during the 3rd quarter valued at approximately $6,865,000. Franklin Resources Inc. lifted its position in shares of GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after buying an additional 21,976 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of GitLab during the 3rd quarter valued at approximately $98,000. Sanctuary Advisors LLC lifted its position in shares of GitLab by 205.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock valued at $631,000 after buying an additional 8,242 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in GitLab by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after purchasing an additional 132,548 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on GTLB shares. Wells Fargo & Company upped their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Macquarie started coverage on shares of GitLab in a report on Thursday, December 12th. They set an “outperform” rating and a $90.00 price objective on the stock. Barclays upped their price objective on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Morgan Stanley upped their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Scotiabank upped their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $76.42.

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.