Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells $8,001,948.56 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 152,884 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the sale, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Matthew Jacobson also recently made the following trade(s):

• On Thursday, December 26th, Matthew Jacobson sold 547,679 shares of GitLab stock. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88.

GitLab Stock Down 2.4 %

Shares of NASDAQ GTLB opened at $50.18 on Friday. The stock’s fifty day simple moving average is $61.99 and its 200 day simple moving average is $59.20. The stock has a market capitalization of $8.14 billion, a price-to-earnings ratio of -156.81 and a beta of 0.67. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18.

Analyst Ratings Changes

A number of brokerages recently weighed in on GTLB. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. JPMorgan Chase & Co. lowered their target price on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, March 4th. Piper Sandler raised their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, KeyCorp boosted their price target on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $75.52.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of GitLab in the fourth quarter worth about $279,089,000. Ameriprise Financial Inc. boosted its stake in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after purchasing an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership grew its position in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. raised its stake in GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock valued at $82,011,000 after purchasing an additional 1,420,248 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of GitLab by 572.3% in the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock valued at $61,654,000 after purchasing an additional 931,396 shares in the last quarter. Hedge funds and other institutional investors own 95.04% 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.