Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells $410,735.00 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Karen Blasing sold 6,500 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the transaction, the director now directly owns 128,233 shares of the company’s stock, valued at $8,103,043.27. This represents a 4.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Karen Blasing also recently made the following trade(s):

• On Monday, December 16th, Karen Blasing sold 3,250 shares of GitLab stock. The shares were sold at an average price of $58.99, for a total value of $191,717.50.
• On Friday, November 15th, Karen Blasing sold 3,250 shares of GitLab stock. The stock was sold at an average price of $59.41, for a total transaction of $193,082.50.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $63.02 on Friday. The company has a market capitalization of $10.23 billion, a PE ratio of -196.94 and a beta of 0.57. The stock has a fifty day moving average of $61.30 and a 200-day moving average of $54.81. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Veracity Capital LLC purchased a new stake in GitLab during the fourth quarter valued at about $464,000. Whalen Wealth Management Inc. acquired a new stake in shares of GitLab during the fourth quarter valued at approximately $305,000. Raleigh Capital Management Inc. purchased a new stake in shares of GitLab in the 4th quarter valued at approximately $66,000. Janney Montgomery Scott LLC boosted its stake in GitLab by 11.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 40,446 shares of the company’s stock worth $2,279,000 after purchasing an additional 3,995 shares during the period. Finally, SG Americas Securities LLC grew its position in GitLab by 594.9% during the 4th quarter. SG Americas Securities LLC now owns 16,074 shares of the company’s stock worth $906,000 after purchasing an additional 13,761 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GTLB. Morgan Stanley upped their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Scotiabank lifted their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Truist Financial reissued a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. The Goldman Sachs Group lifted their price objective on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Cantor Fitzgerald increased their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three research 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 company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.