GitLab Inc. (NASDAQ:GTLB) Insider Sells $601,315.00 in Stock

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction on Friday, January 17th. The stock was sold at an average price of $65.00, for a total transaction of $601,315.00. Following the sale, the insider now directly owns 121,893 shares of the company’s stock, valued at $7,923,045. This represents a 7.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Robin Schulman also recently made the following trade(s):

• On Thursday, January 2nd, Robin Schulman sold 7,330 shares of GitLab stock. The shares were sold at an average price of $56.98, for a total transaction of $417,663.40.
• On Friday, December 20th, Robin Schulman sold 2,996 shares of GitLab stock. The shares were sold at an average price of $55.98, for a total value of $167,716.08.

GitLab Price Performance

Shares of NASDAQ GTLB traded down $1.39 during midday trading on Wednesday, hitting $63.68. 2,744,843 shares of the company’s stock were exchanged, compared to its average volume of 2,374,809. The firm’s fifty day simple moving average is $61.46 and its 200-day simple moving average is $54.98. The company has a market cap of $10.34 billion, a PE ratio of -199.00 and a beta of 0.57. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. Los Angeles Capital Management LLC purchased a new stake in GitLab during the third quarter worth about $30,827,000. Atreides Management LP purchased a new stake in shares of GitLab in the 3rd quarter worth about $25,605,000. Thrivent Financial for Lutherans grew its stake in GitLab by 128.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after acquiring an additional 312,119 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of GitLab by 6,821.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock valued at $15,340,000 after purchasing an additional 293,332 shares in the last quarter. Finally, ARK Investment Management LLC purchased a new position in shares of GitLab during the 3rd quarter worth approximately $13,435,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GTLB shares. Mizuho boosted their price objective on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Canaccord Genuity Group upped their price target on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Barclays boosted their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Morgan Stanley raised their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, TD Cowen upped their price objective on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

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.