Susan L. Bostrom Sells 20,000 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $56.26, for a total value of $1,125,200.00. Following the sale, the director now directly owns 184,913 shares in the company, valued at $10,403,205.38. This trade represents a 9.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

GitLab Stock Up 6.0 %

Shares of NASDAQ:GTLB opened at $59.76 on Monday. The firm has a 50-day simple moving average of $60.38 and a 200 day simple moving average of $53.79. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The company has a market cap of $9.70 billion, a PE ratio of -186.75 and a beta of 0.54.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd acquired a new position in GitLab during the 3rd quarter valued at approximately $678,000. State Street Corp lifted its stake in GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after buying an additional 111,997 shares during the last quarter. Barclays PLC boosted its holdings in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after acquiring an additional 40,171 shares during the period. Oddo BHF Asset Management Sas bought a new position in shares of GitLab during the third quarter worth about $6,865,000. Finally, ARK Investment Management LLC acquired a new stake in shares of GitLab in the 3rd quarter worth about $13,435,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GTLB. Canaccord Genuity Group raised their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Morgan Stanley raised their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Wells Fargo & Company upped their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Royal Bank of Canada boosted their target price on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, DA Davidson upped their price objective on shares of GitLab from $50.00 to $70.00 and gave the company 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.