Erin Mannix Sells 1,433 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Erin Mannix also recently made the following trade(s):

• On Monday, July 1st, Erin Mannix sold 444 shares of GitLab stock. The stock was sold at an average price of $48.61, for a total value of $21,582.84.
• On Thursday, June 27th, Erin Mannix sold 494 shares of GitLab stock. The shares were sold at an average price of $50.00, for a total value of $24,700.00.

GitLab Price Performance

GTLB stock opened at $53.09 on Wednesday. The business has a 50-day moving average of $49.49 and a 200-day moving average of $51.56. GitLab Inc. has a fifty-two week low of $40.19 and a fifty-two week high of $78.53. The stock has a market capitalization of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period last year, the business earned ($0.29) EPS. Equities analysts expect that GitLab Inc. will post -0.41 EPS for the current year.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Allspring Global Investments Holdings LLC grew its holdings in shares of GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after acquiring an additional 548 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in GitLab during the first quarter valued at approximately $58,000. Future Financial Wealth Managment LLC bought a new position in GitLab in the first quarter valued at approximately $58,000. Quarry LP increased its position in shares of GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after purchasing an additional 500 shares during the last quarter. Finally, Tucker Asset Management LLC acquired a new position in shares of GitLab during the 4th quarter worth approximately $83,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on GTLB shares. Wells Fargo & Company upped their target price on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Mizuho reduced their price objective on shares of GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Royal Bank of Canada upped their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. JPMorgan Chase & Co. reduced their price target on GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Finally, Canaccord Genuity Group cut their target price on GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $66.05.

GitLab Company Profile

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.