Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells 20,000 Shares of Stock

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Susan L. Bostrom sold 20,000 shares of GitLab stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $56.26, for a total transaction of $1,125,200.00. Following the completion of the transaction, the director now directly owns 184,913 shares of the company's stock, valued at $10,403,205.38. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

GitLab Trading Up 6.0 %

Shares of GitLab stock traded up $3.40 during trading hours on Friday, reaching $59.76. The stock had a trading volume of 2,874,946 shares, compared to its average volume of 2,228,523. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The stock's 50 day moving average is $60.38 and its 200 day moving average is $53.71. The firm has a market capitalization of $9.70 billion, a PE ratio of -186.75 and a beta of 0.54.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Canaccord Genuity Group upped their price target on shares of GitLab from $65.00 to $78.00 and gave the company a "buy" rating in a report on Friday, December 6th. The Goldman Sachs Group lifted their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a report on Friday, December 6th. Robert W. Baird lifted their price objective on shares of GitLab from $62.00 to $75.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Wells Fargo & Company boosted their target price on GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Finally, Scotiabank raised their price target on GitLab from $65.00 to $75.00 and gave the stock a "sector outperform" rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $76.42.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Franklin Resources Inc. raised its holdings in shares of GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock valued at $146,774,000 after acquiring an additional 21,976 shares during the last quarter. State Street Corp grew its stake in GitLab by 5.8% during 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 raised its holdings in GitLab by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock valued at $104,476,000 after acquiring an additional 132,548 shares during the last quarter. Fiera Capital Corp lifted its stake in GitLab by 1.4% in the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company's stock worth $64,911,000 after purchasing an additional 16,961 shares in the last quarter. Finally, Bamco Inc. NY boosted its holdings in shares of GitLab by 0.4% during the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock worth $64,592,000 after purchasing an additional 4,874 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.