Matthew Jacobson Sells 547,679 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 547,679 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the transaction, the director now owns 58,471 shares in the company, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

GitLab Stock Down 2.6 %

Shares of NASDAQ:GTLB traded down $1.50 during trading on Monday, hitting $56.47. 1,752,349 shares of the stock traded hands, compared to its average volume of 2,450,922. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The company has a market cap of $9.17 billion, a price-to-earnings ratio of -176.47 and a beta of 0.54. The company has a fifty day moving average price of $60.17 and a two-hundred day moving average price of $53.48.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GTLB. DA Davidson boosted their target price on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Cantor Fitzgerald lifted their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. UBS Group boosted their price objective 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. Truist Financial reissued a “buy” rating and set a $90.00 target price (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Finally, Morgan Stanley lifted their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

Institutional Trading of GitLab

Hedge funds and other institutional investors have recently modified their holdings of the stock. Oddo BHF Asset Management Sas acquired a new position in GitLab in the third quarter valued at $6,865,000. Franklin Resources Inc. boosted its holdings in shares of GitLab by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in GitLab during the third quarter worth approximately $98,000. Sanctuary Advisors LLC lifted its holdings in GitLab by 205.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock worth $631,000 after buying an additional 8,242 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of 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 purchasing an additional 132,548 shares in 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.