Susan L. Bostrom Sells 40,000 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Susan L. Bostrom sold 40,000 shares of the company's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now owns 144,913 shares of the company's stock, valued at $7,518,086.44. The trade was a 21.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

GitLab Price Performance

NASDAQ GTLB traded up $1.01 during trading hours on Tuesday, reaching $53.13. 1,788,742 shares of the company's stock traded hands, compared to its average volume of 2,409,714. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18. The firm has a 50-day simple moving average of $62.66 and a 200 day simple moving average of $59.31. The firm has a market cap of $8.62 billion, a PE ratio of -166.03 and a beta of 0.67.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GTLB. Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Piper Sandler raised their price objective on GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Royal Bank of Canada reissued an "outperform" rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Barclays reduced their price target on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Finally, Morgan Stanley boosted their price objective on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.52.

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Hedge Funds Weigh In On GitLab

Several large investors have recently made changes to their positions in the business. Norges Bank bought a new stake in GitLab in the fourth quarter worth $279,089,000. Ameriprise Financial Inc. raised its position in shares of GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after purchasing an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Alliancebernstein L.P. boosted its stake in GitLab by 4,042.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after purchasing an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP grew its position in GitLab by 572.3% during the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock valued at $61,654,000 after purchasing an additional 931,396 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.