Insider Selling: GitLab Inc. (NASDAQ:GTLB) CFO Sells 10,000 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

GitLab Stock Performance

NASDAQ:GTLB traded up $1.70 during mid-day trading on Wednesday, hitting $73.14. The stock had a trading volume of 2,604,446 shares, compared to its average volume of 2,983,926. The company’s 50 day simple moving average is $62.56 and its 200 day simple moving average is $56.15. The stock has a market cap of $11.87 billion, a price-to-earnings ratio of -228.56 and a beta of 0.63. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Canaccord Genuity Group upped their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. TD Cowen boosted their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. The Goldman Sachs Group lifted their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, December 6th. Scotiabank boosted their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Finally, KeyCorp lifted their price target on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and an average price target of $76.42.

Institutional Trading of GitLab

Hedge funds have recently made changes to their positions in the business. Future Financial Wealth Managment LLC bought a new stake in GitLab in the 3rd quarter valued at $52,000. True Wealth Design LLC bought a new position in shares of GitLab in the third quarter valued at about $56,000. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab during the 4th quarter worth about $66,000. Smartleaf Asset Management LLC boosted its holdings in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after buying an additional 1,153 shares during the period. Finally, Rakuten Securities Inc. grew its stake in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.