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 GitLab stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $50.24, for a total value of $1,172,300.16. Following the sale, the chief financial officer now owns 282,441 shares of the company’s stock, valued at approximately $14,189,835.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

GitLab Stock Up 3.3 %

Shares of NASDAQ GTLB traded up $1.62 during trading on Monday, reaching $51.34. The company had a trading volume of 3,735,640 shares, compared to its average volume of 2,640,254. The business’s 50-day moving average is $50.68 and its 200 day moving average is $58.97. The stock has a market cap of $8.16 billion, a PE ratio of -18.67 and a beta of 0.45. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Barclays dropped their target price on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 4th. UBS Group lowered their price objective on GitLab from $81.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Wells Fargo & Company initiated coverage on shares of GitLab in a report on Tuesday, April 9th. They issued an “overweight” rating and a $70.00 target price on the stock. Canaccord Genuity Group dropped their price target on shares of GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Finally, Mizuho decreased their price objective on shares of GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Four analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.30.

Institutional Investors Weigh In On GitLab

Large investors have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of GitLab by 5.3% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock worth $346,000 after buying an additional 276 shares during the last quarter. Atria Wealth Solutions Inc. increased its stake in shares of GitLab by 2.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 14,582 shares of the company’s stock worth $918,000 after purchasing an additional 290 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in GitLab by 2.6% in the 4th quarter. Asset Management One Co. Ltd. now owns 11,900 shares of the company’s stock worth $769,000 after purchasing an additional 300 shares during the period. Park Avenue Securities LLC lifted its position in GitLab by 9.6% during the first quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock valued at $207,000 after purchasing an additional 311 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in GitLab by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 38,900 shares of the company’s stock valued at $2,449,000 after purchasing an additional 380 shares during the period. Institutional investors 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.