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 GitLab stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares of the company's stock, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

GitLab Stock Up 6.0 %

Shares of NASDAQ:GTLB traded up $3.40 on Friday, reaching $59.76. The company had a trading volume of 2,874,946 shares, compared to its average volume of 2,228,523. The stock has a market capitalization of $9.70 billion, a P/E ratio of -186.75 and a beta of 0.54. The stock has a 50-day moving average price of $60.38 and a 200 day moving average price of $53.71. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GTLB. Canaccord Genuity Group increased their price objective on shares of GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Cantor Fitzgerald lifted their price target on GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Wells Fargo & Company boosted their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Morgan Stanley upped their target price on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Finally, TD Cowen raised their price objective on shares of GitLab from $63.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $76.42.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. grew its position in shares of GitLab by 0.8% in the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock valued at $146,774,000 after purchasing an additional 21,976 shares during the last quarter. State Street Corp raised its holdings in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after acquiring an additional 111,997 shares in the last quarter. Geode Capital Management LLC lifted its position in GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock worth $104,476,000 after purchasing an additional 132,548 shares during the period. Fiera Capital Corp lifted its holdings in shares of GitLab by 1.4% during the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company's stock worth $64,911,000 after acquiring an additional 16,961 shares during the period. Finally, Bamco Inc. NY boosted its holdings in GitLab by 0.4% during the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock valued at $64,592,000 after purchasing an additional 4,874 shares in the last quarter. 95.04% of the stock is currently 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.