GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins Sells 23,334 Shares

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 23,334 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $50.24, for a total value of $1,172,300.16. Following the transaction, the chief financial officer now owns 282,441 shares of the company’s stock, valued at $14,189,835.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $51.34 on Tuesday. The firm has a 50 day simple moving average of $50.68 and a 200 day simple moving average of $58.97. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53. The company has a market cap of $8.16 billion, a PE ratio of -18.67 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last released its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company had revenue of $169.19 million during the quarter, compared to analyst estimates of $165.66 million. On average, equities analysts predict that GitLab Inc. will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently bought and sold shares of GTLB. DekaBank Deutsche Girozentrale lifted its position in shares of GitLab by 69.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 220,227 shares of the company’s stock worth $12,899,000 after purchasing an additional 90,365 shares in the last quarter. Cetera Advisors LLC acquired a new stake in shares of GitLab during the 1st quarter valued at $368,000. Comerica Bank grew its holdings in shares of GitLab by 2,076.2% during the 1st quarter. Comerica Bank now owns 66,373 shares of the company’s stock valued at $3,871,000 after acquiring an additional 63,323 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of GitLab during the 1st quarter valued at $922,000. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of GitLab in the first quarter worth $13,463,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GTLB has been the topic of several recent analyst reports. JPMorgan Chase & Co. reduced their price target on GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, June 4th. DA Davidson decreased their target price on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, June 4th. BTIG Research dropped their price target on shares of GitLab from $71.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. KeyCorp lowered their price objective on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Sanford C. Bernstein upped their target price on GitLab from $71.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. Four investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.30.

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.