Insider Selling: GitLab Inc. (NASDAQ:GTLB) CFO Sells 10,000 Shares of Stock

GitLab Inc. (NASDAQ:GTLB - Get Free Report) CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company's stock, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

GitLab Stock Down 1.3 %

Shares of NASDAQ:GTLB traded down $0.90 during mid-day trading on Friday, reaching $70.55. 2,056,485 shares of the stock were exchanged, compared to its average volume of 2,988,038. The company has a market cap of $11.45 billion, a P/E ratio of -220.47 and a beta of 0.63. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The stock's 50 day simple moving average is $63.04 and its 200-day simple moving average is $56.49.

Wall Street Analyst Weigh In

GTLB has been the topic of a number of recent research reports. Piper Sandler lifted their price objective on GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Barclays boosted their target price on shares of GitLab from $55.00 to $70.00 and gave the company an "equal weight" rating in a research note on Monday, December 9th. 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 report on Thursday, November 21st. Truist Financial reaffirmed a "buy" rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Finally, DA Davidson lifted their target price on shares of GitLab from $50.00 to $70.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, GitLab presently has an average rating of "Moderate Buy" and an average price target of $76.42.

Institutional Trading of GitLab

A number of institutional investors have recently made changes to their positions in the business. HighTower Advisors LLC bought a new position in GitLab in the fourth quarter valued at $289,000. Clare Market Investments LLC acquired a new position in shares of GitLab during the 4th quarter worth approximately $218,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of GitLab by 9.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,980 shares of the company's stock worth $1,577,000 after purchasing an additional 2,426 shares in the last quarter. Amundi grew its stake in shares of GitLab by 613.0% in the fourth quarter. Amundi now owns 616,806 shares of the company's stock valued at $38,020,000 after buying an additional 530,297 shares in the last quarter. Finally, Intellectus Partners LLC bought a new position in shares of GitLab in the fourth quarter valued at $200,000. Institutional investors own 95.04% of the company's stock.

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.