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 stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the transaction, the director now directly owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This represents a 90.35 % 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.

GitLab Stock Performance

Shares of GitLab stock opened at $56.35 on Thursday. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The company has a market cap of $9.15 billion, a PE ratio of -176.09 and a beta of 0.54. The business has a 50-day simple moving average of $60.27 and a 200-day simple moving average of $53.58.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GTLB. Needham & Company LLC increased their price objective on GitLab from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, December 6th. UBS Group raised their target price on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Truist Financial reaffirmed a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Macquarie started coverage on GitLab in a research note on Thursday, December 12th. They issued an “outperform” rating and a $90.00 target price for the company. Finally, KeyCorp raised their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

Hedge Funds Weigh In On GitLab

Institutional investors and hedge funds have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab during the third quarter worth about $52,000. True Wealth Design LLC acquired a new position in shares of GitLab during the third quarter worth about $56,000. Rakuten Securities Inc. grew its position in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares in the last quarter. Quarry LP grew its position in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of GitLab during the third quarter worth about $96,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.