GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom Sells 40,000 Shares

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now owns 144,913 shares of the company’s stock, valued at $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

GitLab Price Performance

GitLab stock traded down $0.21 during mid-day trading on Friday, hitting $50.95. 2,472,987 shares of the company’s stock traded hands, compared to its average volume of 2,419,120. The firm has a 50 day simple moving average of $62.95 and a two-hundred day simple moving average of $59.18. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of -159.22 and a beta of 0.67.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently added to or reduced their stakes in GTLB. Norges Bank acquired a new stake in GitLab during the 4th quarter valued at $279,089,000. Ameriprise Financial Inc. lifted its holdings in GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after purchasing an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of GitLab by 4,042.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after buying an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of GitLab by 572.3% during the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock worth $61,654,000 after buying an additional 931,396 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Canaccord Genuity Group boosted their price objective on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Mizuho decreased their price objective on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. DA Davidson decreased their price objective on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. decreased their price objective on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.38.

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.