GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom Sells 40,000 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now owns 144,913 shares in the company, valued at $7,518,086.44. The trade was a 21.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $50.95 on Friday. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18. The business has a 50-day moving average of $62.77 and a two-hundred day moving average of $59.20. The stock has a market capitalization of $8.27 billion, a P/E ratio of -159.22 and a beta of 0.67.

Hedge Funds Weigh In On GitLab

Several large investors have recently made changes to their positions in GTLB. OneDigital Investment Advisors LLC acquired a new position in shares of GitLab during the 3rd quarter worth about $200,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of GitLab by 111.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock worth $17,334,000 after purchasing an additional 176,967 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of GitLab by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company’s stock worth $38,728,000 after purchasing an additional 57,381 shares during the last quarter. Cerity Partners LLC lifted its position in shares of GitLab by 772.3% during the 3rd quarter. Cerity Partners LLC now owns 56,307 shares of the company’s stock worth $2,902,000 after purchasing an additional 49,852 shares during the last quarter. Finally, Whetstone Capital Advisors LLC lifted its position in shares of GitLab by 60.8% during the 3rd quarter. Whetstone Capital Advisors LLC now owns 110,544 shares of the company’s stock worth $5,697,000 after purchasing an additional 41,804 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on GTLB shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Truist Financial reiterated a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. The Goldman Sachs Group lifted their price target on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, December 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Finally, Morgan Stanley lifted their price target on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $75.38.

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.