Insider Selling: GitLab Inc. (NASDAQ:GTLB) Insider Sells 2,996 Shares of Stock

by · The Markets Daily

GitLab Inc. (NASDAQ:GTLB – Get Free Report) insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now directly owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

  • On Thursday, October 10th, Robin Schulman sold 2,990 shares of GitLab stock. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00.

GitLab Stock Performance

Shares of GTLB stock opened at $60.45 on Thursday. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The firm’s 50 day moving average price is $59.87 and its 200-day moving average price is $53.09. The firm has a market cap of $9.81 billion, a P/E ratio of -188.91 and a beta of 0.54.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC lifted its stake in GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after acquiring an additional 747,712 shares in the last quarter. Primecap Management Co. CA increased its stake in GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock worth $41,120,000 after purchasing an additional 603,200 shares during the period. Los Angeles Capital Management LLC acquired a new stake in shares of GitLab during the third quarter worth about $30,827,000. Atreides Management LP purchased a new position in shares of GitLab in the third quarter valued at approximately $25,605,000. Finally, William Blair Investment Management LLC acquired a new position in shares of GitLab in the second quarter valued at approximately $16,071,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on GTLB. Royal Bank of Canada raised their price target on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. DA Davidson lifted their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. KeyCorp increased their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Mizuho lifted their target price on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Finally, Robert W. Baird raised their price target on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average target price of $76.42.

Check Out Our Latest Analysis on GTLB

About GitLab

(Get Free Report)

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.

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