Insider Selling: GitLab Inc. (NASDAQ:GTLB) CAO Sells $24,700.00 in Stock

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 494 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $50.00, for a total transaction of $24,700.00. Following the completion of the sale, the chief accounting officer now owns 75,776 shares in the company, valued at approximately $3,788,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Erin Mannix also recently made the following trade(s):

• On Monday, July 1st, Erin Mannix sold 444 shares of GitLab stock. The stock was sold at an average price of $48.61, for a total transaction of $21,582.84.
• On Thursday, June 20th, Erin Mannix sold 494 shares of GitLab stock. The stock was sold at an average price of $42.92, for a total transaction of $21,202.48.

GitLab Trading Up 2.7 %

Shares of GTLB opened at $53.17 on Thursday. GitLab Inc. has a 1-year low of $40.19 and a 1-year high of $78.53. The firm has a 50-day simple moving average of $50.53 and a two-hundred day simple moving average of $58.86.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.09. The business had revenue of $169.19 million during the quarter, compared to the consensus estimate of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. As a group, research analysts expect that GitLab Inc. will post -0.5 EPS for the current fiscal year.

Institutional Trading of GitLab

Several institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its position in GitLab by 213.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 116,351 shares of the company’s stock valued at $5,261,000 after purchasing an additional 79,177 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in GitLab in the 3rd quarter valued at $842,000. Federated Hermes Inc. purchased a new stake in GitLab in the 3rd quarter valued at $112,000. Natixis Advisors L.P. purchased a new stake in GitLab in the 3rd quarter valued at $533,000. Finally, Treasurer of the State of North Carolina raised its position in GitLab by 80.4% in the 3rd quarter. Treasurer of the State of North Carolina now owns 38,520 shares of the company’s stock valued at $1,742,000 after purchasing an additional 17,170 shares during the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on GTLB shares. Cantor Fitzgerald dropped their price target on shares of GitLab from $70.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Citic Securities started coverage on shares of GitLab in a research report on Monday, June 3rd. They set a “buy” rating and a $80.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and set a $65.00 price target on shares of GitLab in a research report on Friday, June 28th. JPMorgan Chase & Co. dropped their price target on shares of GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Finally, DA Davidson dropped their price target on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.30.

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.