GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix Sells 494 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 494 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $42.92, for a total transaction of $21,202.48. Following the completion of the sale, the chief accounting officer now owns 72,955 shares in the company, valued at $3,131,228.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

GitLab Trading Up 0.6 %

NASDAQ:GTLB opened at $44.10 on Tuesday. GitLab Inc. has a 1-year low of $40.19 and a 1-year high of $78.53. The firm has a fifty day simple moving average of $51.10 and a 200 day simple moving average of $59.45. The stock has a market capitalization of $7.01 billion, a PE ratio of -16.04 and a beta of 0.44.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently made changes to their positions in GTLB. Byrne Asset Management LLC bought a new position in shares of GitLab in the first quarter valued at $33,000. Allspring Global Investments Holdings LLC boosted its position in GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares during the period. Ramirez Asset Management Inc. bought a new position in GitLab during the third quarter worth $36,000. SRS Capital Advisors Inc. bought a new position in GitLab during the third quarter worth $40,000. Finally, Banque Cantonale Vaudoise bought a new position in GitLab during the first quarter worth $58,000. 91.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GTLB. Truist Financial reiterated a “buy” rating and issued a $80.00 price target on shares of GitLab in a research report on Monday, April 1st. DA Davidson cut their price target on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Canaccord Genuity Group cut their price target on shares of GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. TD Cowen dropped their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Tuesday, March 5th. Finally, Capital One Financial started coverage on shares of GitLab in a report on Friday, March 22nd. They set an “overweight” rating and a $72.00 target price on the stock. Four analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $67.70.

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.