Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells 20,000 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 20,000 shares of GitLab stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $60.19, for a total value of $1,203,800.00. Following the transaction, the director now directly owns 204,913 shares of the company’s stock, valued at approximately $12,333,713.47. The trade was a 8.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

GitLab Trading Down 3.0 %

Shares of NASDAQ:GTLB traded down $1.77 during midday trading on Friday, hitting $57.97. The company had a trading volume of 2,036,035 shares, compared to its average volume of 2,453,714. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $78.53. The firm has a fifty day simple moving average of $60.15 and a 200 day simple moving average of $53.28. The stock has a market cap of $9.41 billion, a price-to-earnings ratio of -181.16 and a beta of 0.54.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oddo BHF Asset Management Sas acquired a new stake in shares of GitLab in the 3rd quarter valued at approximately $6,865,000. Franklin Resources Inc. increased its stake in GitLab by 0.8% in the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in GitLab in the third quarter worth $98,000. Sanctuary Advisors LLC boosted its position in shares of GitLab by 205.9% during the third quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock worth $631,000 after purchasing an additional 8,242 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of GitLab by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after buying an additional 132,548 shares during the period. Institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GTLB shares. DA Davidson lifted their price target on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. UBS Group lifted their target price on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Needham & Company LLC increased their price target on GitLab from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. TD Cowen lifted their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Finally, Bank of America increased their target price on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average price target 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.