Brian G. Robins Sells 16,668 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the transaction, the chief financial officer now owns 250,109 shares in the company, valued at $13,423,350.03. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

GitLab Price Performance

Shares of GTLB traded down $0.91 during mid-day trading on Wednesday, hitting $55.29. 1,516,183 shares of the company’s stock were exchanged, compared to its average volume of 2,569,130. The company has a market cap of $8.79 billion, a PE ratio of -20.44 and a beta of 0.44. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53. The company has a 50-day simple moving average of $49.19 and a 200 day simple moving average of $52.56.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period last year, the business earned ($0.29) EPS. On average, analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current year.

Hedge Funds Weigh In On GitLab

Hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC bought a new position in shares of GitLab in the second quarter valued at $199,000. Sycomore Asset Management grew its stake in shares of GitLab by 135.6% in the second quarter. Sycomore Asset Management now owns 166,574 shares of the company’s stock valued at $8,089,000 after buying an additional 95,874 shares in the last quarter. Clearbridge Investments LLC grew its stake in shares of GitLab by 4.8% in the second quarter. Clearbridge Investments LLC now owns 523,820 shares of the company’s stock valued at $26,044,000 after buying an additional 23,899 shares in the last quarter. Quarry LP grew its stake in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of GitLab by 1,890.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company’s stock valued at $7,110,000 after buying an additional 135,824 shares in the last quarter. 91.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

GTLB has been the topic of a number of research reports. KeyCorp cut their target price on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. UBS Group increased their price target on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price target on shares of GitLab in a research report on Monday, August 19th. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Wells Fargo & Company increased their price target on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $65.87.

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.