GitLab Inc. (NASDAQ:GTLB) Director Sells $177,840.00 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.72, for a total transaction of $177,840.00. Following the completion of the sale, the director now owns 141,233 shares of the company’s stock, valued at $7,728,269.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

GitLab Price Performance

GitLab stock opened at $55.34 on Friday. The company’s fifty day moving average price is $50.49 and its two-hundred day moving average price is $51.04. GitLab Inc. has a one year low of $40.19 and a one year high of $78.53. The company has a market capitalization of $8.79 billion, a price-to-earnings ratio of -20.12 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business’s revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.29) EPS. As a group, sell-side analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on GTLB shares. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Wells Fargo & Company boosted their price target on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. DA Davidson reiterated a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Scotiabank boosted their target price on GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, September 4th. Finally, Robert W. Baird lifted their price objective on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Four 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $66.22.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Allspring Global Investments Holdings LLC increased its position in GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares during the period. Future Financial Wealth Managment LLC bought a new position in GitLab during the third quarter worth about $52,000. Banque Cantonale Vaudoise acquired a new stake in GitLab during the 1st quarter worth approximately $58,000. Quarry LP boosted its stake in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares during the period. Finally, Canton Hathaway LLC grew its holdings in shares of GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after buying an additional 435 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.