GitLab Inc. (NASDAQ:GTLB) CFO Sells $675,900.00 in Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $16,411,054.77. The trade was a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

GitLab Stock Up 0.6 %

Shares of GTLB opened at $61.04 on Friday. The stock has a market cap of $9.80 billion, a P/E ratio of -190.75 and a beta of 0.54. The business’s 50 day moving average price is $58.67 and its 200-day moving average price is $52.37. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GTLB. Morgan Stanley boosted their price target 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. Robert W. Baird increased their target price on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, December 6th. KeyCorp boosted their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Cantor Fitzgerald raised 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. Finally, BTIG Research upped their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently modified their holdings of GTLB. Future Financial Wealth Managment LLC purchased a new position in GitLab in the 3rd quarter worth approximately $52,000. True Wealth Design LLC purchased a new position in GitLab in the 3rd quarter worth about $56,000. Rakuten Securities Inc. lifted its position in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares during the period. Quarry LP boosted its stake in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of GitLab in the 3rd quarter worth approximately $96,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.