GitLab Inc. (NASDAQ:GTLB) CFO Sells $1,148,867.68 in Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 23,332 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the transaction, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at $12,758,527.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

GitLab Price Performance

GTLB stock opened at $47.71 on Monday. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53. The company has a market cap of $7.58 billion, a P/E ratio of -17.35 and a beta of 0.46. The stock’s fifty day moving average price is $49.10 and its 200-day moving average price is $57.27.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $169.19 million during the quarter, compared to the consensus estimate of $165.66 million. As a group, analysts expect that GitLab Inc. will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently bought and sold shares of GTLB. Norges Bank purchased a new stake in shares of GitLab during the fourth quarter worth about $222,591,000. Capital Research Global Investors grew its holdings in GitLab by 78.5% during the 1st 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. 1832 Asset Management L.P. bought a new stake in shares of GitLab during the fourth quarter valued at approximately $76,918,000. Vanguard Group Inc. lifted its holdings in shares of GitLab by 12.9% in the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after buying an additional 1,070,994 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in shares of GitLab during the first quarter worth $49,196,000. 91.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lowered their target price on GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. Bank of America dropped their target price on shares of GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Raymond James upgraded shares of GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a research note on Friday, April 12th. BTIG Research dropped their price objective on shares of GitLab from $71.00 to $58.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of GitLab in a research note on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.30.

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.