Robin Schulman Sells 7,330 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) insider Robin Schulman sold 7,330 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.98, for a total value of $417,663.40. Following the completion of the transaction, the insider now owns 121,893 shares of the company’s stock, valued at approximately $6,945,463.14. This represents a 5.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Robin Schulman also recently made the following trade(s):

• On Friday, December 20th, Robin Schulman sold 2,996 shares of GitLab stock. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08.
• On Thursday, October 10th, Robin Schulman sold 2,990 shares of GitLab stock. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded up $3.40 during trading hours on Friday, hitting $59.76. The stock had a trading volume of 2,874,946 shares, compared to its average volume of 2,228,523. The stock’s fifty day simple moving average is $60.38 and its 200 day simple moving average is $53.71. The firm has a market capitalization of $9.70 billion, a price-to-earnings ratio of -186.75 and a beta of 0.54. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

Institutional Trading of GitLab

Large investors have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC acquired a new position in GitLab during the 3rd quarter worth $52,000. True Wealth Design LLC bought a new stake in shares of GitLab during the third quarter valued at about $56,000. Rakuten Securities Inc. lifted its holdings in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the period. Quarry LP grew its position in GitLab by 527.0% in the 2nd 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, Capital Performance Advisors LLP acquired a new position in GitLab during the 3rd quarter valued at about $96,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GTLB has been the subject of several recent analyst reports. Macquarie started coverage on GitLab in a research note on Thursday, December 12th. They set an “outperform” rating and a $90.00 target price for the company. DA Davidson increased their price target on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. The Goldman Sachs Group lifted their price objective on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Piper Sandler increased their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, KeyCorp raised their price target on shares of GitLab from $74.00 to $80.00 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

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.