Karen Blasing Sells 3,250 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the sale, the director now directly owns 137,983 shares in the company, valued at $8,197,570.03. This trade represents a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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 transaction of $177,840.00.

GitLab Stock Performance

Shares of GTLB traded up $0.95 during mid-day trading on Tuesday, hitting $60.91. 1,701,980 shares of the stock were exchanged, compared to its average volume of 2,331,013. The company has a market cap of $9.78 billion, a PE ratio of -25.62 and a beta of 0.45. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The firm has a 50-day moving average of $54.63 and a two-hundred day moving average of $51.27.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same quarter last year, the business earned ($0.29) earnings per share. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. On average, sell-side analysts predict that GitLab Inc. will post -0.41 EPS for the current year.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of recent analyst reports. Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a report on Monday, October 21st. Morgan Stanley assumed coverage on GitLab in a report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective for the company. BTIG Research raised their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada boosted their price objective on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Finally, TD Cowen raised their target price on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.38.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its position in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in GitLab during the third quarter valued at $52,000. True Wealth Design LLC purchased a new position in shares of GitLab during the 3rd quarter worth about $56,000. Rakuten Securities Inc. raised its position in GitLab by 268.1% in the 3rd 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. Finally, Quarry LP boosted its position in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the period. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Company Profile

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.