GitLab Inc. (NASDAQ:GTLB) Director Sells $58,848.12 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Merline Saintil sold 1,329 shares of GitLab stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total value of $58,848.12. Following the transaction, the director now owns 7,040 shares in the company, valued at approximately $311,731.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

GitLab Trading Up 0.5 %

NASDAQ GTLB opened at $49.72 on Monday. The firm’s 50 day simple moving average is $50.70 and its 200 day simple moving average is $59.07. The firm has a market capitalization of $7.90 billion, a price-to-earnings ratio of -18.08 and a beta of 0.44. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB) last released its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The firm had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. On average, equities research analysts forecast that GitLab Inc. will post -0.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GTLB. Vanguard Group Inc. boosted its stake in shares of GitLab by 12.9% in the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after purchasing an additional 1,070,994 shares in the last quarter. Capital Research Global Investors boosted its position in GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after buying an additional 3,096,437 shares in the last quarter. Norges Bank bought a new stake in shares of GitLab during the fourth quarter worth $222,591,000. 1832 Asset Management L.P. acquired a new position in shares of GitLab during the fourth quarter worth $76,918,000. Finally, Fiera Capital Corp increased its holdings in shares of GitLab by 0.5% during the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after buying an additional 5,446 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

Analyst Ratings Changes

GTLB has been the subject of several research reports. Cantor Fitzgerald decreased their price target on shares of GitLab from $70.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Needham & Company LLC restated a “hold” rating on shares of GitLab in a research note on Tuesday, June 4th. BTIG Research lowered their target price on GitLab from $71.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Royal Bank of Canada reissued an “outperform” rating and set a $65.00 price target on shares of GitLab in a research report on Friday. Finally, UBS Group dropped their price objective on GitLab from $81.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, March 5th. Four investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $67.30.

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.