GitLab Inc. (NASDAQ:GTLB) CFO Sells $562,400.00 in Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

GitLab Stock Up 6.0 %

Shares of GTLB stock opened at $59.76 on Friday. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The firm’s 50 day moving average price is $60.38 and its two-hundred day moving average price is $53.71. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of -186.75 and a beta of 0.54.

Analyst Ratings Changes

Several research firms recently weighed in on GTLB. Robert W. Baird raised their price objective on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Morgan Stanley lifted their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Royal Bank of Canada raised their target price on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Needham & Company LLC upped their price target on shares of GitLab from $70.00 to $85.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” 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 given a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

Institutional Trading of GitLab

Institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its stake in shares of GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after purchasing an additional 747,712 shares in the last quarter. Primecap Management Co. CA raised its holdings in shares of GitLab by 269.5% during the 2nd quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after buying an additional 603,200 shares during the period. Los Angeles Capital Management LLC acquired a new position in GitLab during the 3rd quarter worth approximately $30,827,000. Atreides Management LP acquired a new stake in GitLab in the third quarter valued at approximately $25,605,000. Finally, William Blair Investment Management LLC purchased a new stake in shares of GitLab during the second quarter valued at approximately $16,071,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.