Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells $1,125,200.00 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 20,000 shares of the company’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $56.26, for a total value of $1,125,200.00. Following the sale, the director now directly owns 184,913 shares in the company, valued at $10,403,205.38. This represents a 9.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

GitLab Trading Up 6.0 %

NASDAQ:GTLB opened at $59.76 on Monday. The stock’s 50 day simple moving average is $60.38 and its 200-day simple moving average is $53.79. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53. The firm has a market cap of $9.70 billion, a P/E ratio of -186.75 and a beta of 0.54.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several analyst reports. Barclays boosted their target price on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Morgan Stanley boosted 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. Piper Sandler raised their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Mizuho lifted their price target on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Finally, DA Davidson increased their price objective on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Three equities research 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently bought and sold shares of GTLB. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab in the third quarter valued at about $52,000. True Wealth Design LLC purchased a new position in GitLab during the third quarter worth about $56,000. Rakuten Securities Inc. lifted its position 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 period. Quarry LP boosted its holdings in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in GitLab during the 3rd quarter worth approximately $96,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.