GitLab Inc. (NASDAQ:GTLB) Insider Sells $417,663.40 in Stock

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 7,330 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.98, for a total value of $417,663.40. Following the completion of the sale, the insider now directly owns 121,893 shares in the company, valued at $6,945,463.14. This represents a 5.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, December 20th, Robin Schulman sold 2,996 shares of GitLab stock. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08.
• On Thursday, October 10th, Robin Schulman sold 2,990 shares of GitLab stock. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00.

GitLab Trading Up 6.0 %

Shares of GitLab stock opened at $59.76 on Monday. The company has a 50-day moving average of $60.38 and a two-hundred day moving average of $53.79. The stock has a market cap of $9.70 billion, a PE ratio of -186.75 and a beta of 0.54. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GTLB shares. DA Davidson lifted their price objective on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Piper Sandler upped their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Cantor Fitzgerald raised their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Morgan Stanley increased their price target on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Robert W. Baird lifted their target price on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average price target of $76.42.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its position in shares of GitLab by 549.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,726 shares of the company’s stock valued at $185,000 after buying an additional 3,152 shares in the last quarter. Principal Financial Group Inc. increased its holdings in GitLab by 14.6% during the 2nd quarter. Principal Financial Group Inc. now owns 10,324 shares of the company’s stock valued at $513,000 after acquiring an additional 1,314 shares in the last quarter. Rhumbline Advisers raised its position in GitLab by 21.9% during the second quarter. Rhumbline Advisers now owns 128,193 shares of the company’s stock worth $6,374,000 after acquiring an additional 22,989 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of GitLab by 41.8% in the second quarter. Arizona State Retirement System now owns 31,538 shares of the company’s stock valued at $1,568,000 after purchasing an additional 9,298 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of GitLab by 3,424.5% in the second quarter. Acadian Asset Management LLC now owns 18,257 shares of the company’s stock valued at $907,000 after purchasing an additional 17,739 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.