GitLab (NASDAQ:GTLB) Director Sells $6,701,994.00 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 143,205 shares of the business’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $46.80, for a total value of $6,701,994.00. Following the transaction, the director owned 498,098 shares in the company, valued at approximately $23,310,986.40. This trade represents a 22.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Wednesday, June 25th, Matthew Jacobson sold 129,400 shares of GitLab stock. The stock was sold at an average price of $42.32, for a total value of $5,476,208.00.

GitLab Price Performance

Shares of GTLB stock opened at $49.01 on Thursday. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The stock’s fifty day moving average price is $44.98 and its 200 day moving average price is $46.96. The company has a market cap of $8.10 billion, a price-to-earnings ratio of -1,225.25 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The firm had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period in the previous year, the business earned $0.03 EPS. The firm’s revenue for the quarter was up 26.8% on a year-over-year basis. As a group, equities research analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on GTLB shares. Canaccord Genuity Group lowered their price target on GitLab from $76.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, September 4th. DA Davidson lowered their price target on GitLab from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Thursday, September 4th. BTIG Research lowered their price target on GitLab from $67.00 to $57.00 and set a “buy” rating for the company in a research report on Thursday, September 4th. Zacks Research raised GitLab from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Finally, UBS Group decreased their price objective on GitLab from $73.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $58.39.

Institutional Investors Weigh In On GitLab

Several large investors have recently bought and sold shares of GTLB. Cullen Frost Bankers Inc. increased its stake in GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after buying an additional 334 shares in the last quarter. Cloud Capital Management LLC acquired a new position in GitLab during the first quarter worth $29,000. Twin Tree Management LP acquired a new position in GitLab during the first quarter worth $29,000. CoreCap Advisors LLC lifted its stake in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares in the last quarter. Finally, Harbour Investments Inc. lifted its stake in GitLab by 447.6% during the first quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock worth $42,000 after purchasing an additional 734 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.