GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson Sells 152,884 Shares

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 152,884 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the sale, the director now directly owns 493,554 shares of the company’s stock, valued at $25,832,616.36. The trade was a 23.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Matthew Jacobson also recently made the following trade(s):

• On Thursday, December 26th, Matthew Jacobson sold 547,679 shares of GitLab stock. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88.

GitLab Stock Performance

Shares of GTLB traded down $1.73 during midday trading on Wednesday, hitting $51.40. 1,255,015 shares of the stock traded hands, compared to its average volume of 2,405,496. The business’s 50 day moving average price is $62.50 and its two-hundred day moving average price is $59.32. The firm has a market capitalization of $8.34 billion, a PE ratio of -160.63 and a beta of 0.67. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18.

Wall Street Analyst Weigh In

Several research firms recently commented on GTLB. Barclays reduced their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. KeyCorp upped their target price on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Piper Sandler lifted their price target on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group lifted their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.52.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. Vanguard Group Inc. boosted its position in shares of GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after buying an additional 885,955 shares during the period. Norges Bank bought a new stake in GitLab during the 4th quarter valued at $279,089,000. Artisan Partners Limited Partnership boosted its position in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after acquiring an additional 1,443,160 shares during the period. Franklin Resources Inc. grew its stake in shares of GitLab by 17.6% in the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after purchasing an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after purchasing an additional 1,583,221 shares during the period. Institutional investors own 95.04% 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.