Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells 3,250 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $59.41, for a total value of $193,082.50. Following the completion of the transaction, the director now directly owns 137,983 shares in the company, valued at $8,197,570.03. This represents a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Karen Blasing also recently made the following trade(s):

• On Tuesday, October 15th, Karen Blasing sold 3,250 shares of GitLab stock. The stock was sold at an average price of $54.72, for a total value of $177,840.00.

GitLab Stock Up 4.3 %

Shares of GTLB stock opened at $64.80 on Friday. The stock has a fifty day moving average of $55.08 and a 200 day moving average of $51.49. The firm has a market capitalization of $10.40 billion, a price-to-earnings ratio of -27.69 and a beta of 0.45. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53.

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. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the prior year, the firm earned ($0.29) earnings per share. The firm’s revenue for the quarter was up 30.8% on a year-over-year basis. Equities research analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GTLB. Robert W. Baird raised their price target on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Bank of America raised their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Barclays lifted their price target on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. TD Cowen raised their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday. Finally, DA Davidson restated a “neutral” rating and issued a $50.00 target price on shares of GitLab in a report on Monday, October 14th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.67.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GTLB. Capital Research Global Investors lifted its holdings in shares of GitLab by 78.5% during the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after purchasing an additional 3,096,437 shares in the last quarter. DNB Asset Management AS purchased a new position in shares of GitLab during the second quarter valued at approximately $37,851,000. Renaissance Technologies LLC lifted its position in GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after purchasing an additional 747,712 shares during the period. Primecap Management Co. CA grew its position in GitLab by 269.5% in the 2nd quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock worth $41,120,000 after purchasing an additional 603,200 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in GitLab during the 3rd quarter valued at $30,827,000. Institutional investors own 91.72% of the company’s stock.

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.