GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins Sells 10,000 Shares

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

GitLab Trading Down 2.3 %

Shares of NASDAQ:GTLB opened at $71.45 on Friday. The stock has a fifty day simple moving average of $62.75 and a two-hundred day simple moving average of $56.27. The stock has a market capitalization of $11.60 billion, a price-to-earnings ratio of -223.28 and a beta of 0.63. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd purchased a new position in shares of GitLab in the third quarter worth $678,000. State Street Corp raised its stake in shares of GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after purchasing an additional 111,997 shares during the last quarter. Barclays PLC raised its stake in shares of GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas purchased a new position in shares of GitLab in the third quarter worth $6,865,000. Finally, Jackson Square Capital LLC raised its stake in shares of GitLab by 328.1% in the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock worth $2,062,000 after purchasing an additional 28,050 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. The Goldman Sachs Group raised their price target on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. KeyCorp lifted their price objective on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Wells Fargo & Company lifted their price objective on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock 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.