GitLab Inc. (NASDAQ:GTLB) Insider Robin Schulman Sells 9,251 Shares

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the sale, the insider now directly owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Friday, January 17th, Robin Schulman sold 9,251 shares of GitLab stock. The shares were sold at an average price of $65.00, for a total transaction of $601,315.00.
• 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 value 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 Trading Down 1.4 %

NASDAQ GTLB traded down $0.95 during trading on Thursday, reaching $69.38. 3,044,492 shares of the company’s stock were exchanged, compared to its average volume of 2,922,390. The firm has a market capitalization of $11.26 billion, a PE ratio of -216.81 and a beta of 0.57. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The company’s fifty day simple moving average is $62.16 and its 200-day simple moving average is $55.59.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mercer Global Advisors Inc. ADV acquired a new stake in GitLab during the second quarter valued at $206,000. Marshall Wace LLP acquired a new position in GitLab in the second quarter worth approximately $613,000. The Manufacturers Life Insurance Company raised its position in GitLab by 11.1% during the second quarter. The Manufacturers Life Insurance Company now owns 27,960 shares of the company’s stock valued at $1,390,000 after acquiring an additional 2,783 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in GitLab by 1,890.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company’s stock valued at $7,110,000 after acquiring an additional 135,824 shares during the last quarter. Finally, Quarry LP grew its position in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GTLB shares. Cantor Fitzgerald upped their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. 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 research report on Friday, December 6th. Royal Bank of Canada lifted their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, January 7th. Finally, Barclays raised their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.