Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells $8,001,948.56 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the sale, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Matthew Jacobson also recently made the following trade(s):

• On Thursday, December 26th, Matthew Jacobson sold 547,679 shares of GitLab stock. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88.

GitLab Trading Down 3.6 %

Shares of GTLB opened at $48.38 on Friday. The firm has a fifty day moving average price of $61.70 and a 200-day moving average price of $59.16. The firm has a market capitalization of $7.85 billion, a P/E ratio of -151.19 and a beta of 0.67. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18.

Institutional Investors Weigh In On GitLab

Several large investors have recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC increased its position in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares during the period. CoreCap Advisors LLC grew its stake in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares in the last quarter. IMG Wealth Management Inc. purchased a new position in GitLab during the 4th quarter worth $46,000. True Wealth Design LLC purchased a new position in GitLab during the 3rd quarter worth $56,000. Finally, Raleigh Capital Management Inc. bought a new stake in GitLab during the 4th quarter valued at $66,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. DA Davidson decreased their target price on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Piper Sandler upped their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Macquarie reissued an “outperform” rating and issued a $90.00 target price on shares of GitLab in a report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Finally, KeyCorp boosted their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.52.

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.