GitLab Inc. (NASDAQ:GTLB) CFO Sells $562,400.00 in Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $15,037,451.20. This represents a 3.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

GitLab Price Performance

Shares of GitLab stock opened at $59.76 on Monday. The firm’s 50-day moving average is $60.38 and its two-hundred day moving average is $53.79. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of -186.75 and a beta of 0.54.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the third quarter worth about $52,000. True Wealth Design LLC acquired a new position in GitLab in the 3rd quarter worth approximately $56,000. Rakuten Securities Inc. boosted its holdings in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares during the last quarter. Quarry LP lifted its holdings in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after acquiring an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in shares of GitLab in the 3rd quarter valued at $96,000. Institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GTLB. TD Cowen lifted their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. raised their price objective on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Morgan Stanley upped their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. The Goldman Sachs Group boosted their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Cantor Fitzgerald raised their price objective on shares of GitLab from $75.00 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-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.