Insider Selling: GitLab Inc. (NASDAQ:GTLB) Insider Sells 9,251 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the transaction, the insider now directly owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. This represents a 7.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Robin Schulman also recently made the following trade(s):

• On Friday, January 17th, Robin Schulman sold 9,251 shares of GitLab stock. The stock was sold at an average price of $65.00, for a total value of $601,315.00.
• On Thursday, January 2nd, Robin Schulman sold 7,330 shares of GitLab stock. The shares were sold at an average price of $56.98, for a total value of $417,663.40.
• On Friday, December 20th, Robin Schulman sold 2,996 shares of GitLab stock. The stock was sold at an average price of $55.98, for a total value of $167,716.08.

GitLab Stock Down 1.4 %

Shares of GitLab stock traded down $0.95 during trading on Thursday, reaching $69.38. 3,044,492 shares of the company were exchanged, compared to its average volume of 2,922,390. The business has a 50-day moving average price of $62.16 and a 200-day moving average price of $55.59. The firm has a market capitalization of $11.26 billion, a price-to-earnings ratio of -216.81 and a beta of 0.57. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53.

Institutional Trading of GitLab

A number of hedge funds have recently modified their holdings of GTLB. Los Angeles Capital Management LLC bought a new stake in GitLab in the third quarter valued at approximately $30,827,000. Atreides Management LP bought a new stake in shares of GitLab in the 3rd quarter valued at $25,605,000. Thrivent Financial for Lutherans raised its stake in GitLab by 128.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after buying an additional 312,119 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in GitLab by 6,821.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after buying an additional 293,332 shares during the period. Finally, ARK Investment Management LLC bought a new position in GitLab during the third quarter worth about $13,435,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on GTLB shares. Royal Bank of Canada boosted their target price on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Needham & Company LLC restated a “buy” rating and set a $85.00 price objective on shares of GitLab in a report on Tuesday, January 7th. KeyCorp increased their target price 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. Macquarie restated an “outperform” rating and set a $90.00 price target on shares of GitLab in a research note on Wednesday, January 15th. Finally, TD Cowen raised their price objective on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Three 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 company. According to MarketBeat, the stock currently 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.