Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells 20,000 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) Director Susan L. Bostrom sold 20,000 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $56.26, for a total transaction of $1,125,200.00. Following the sale, the director now owns 184,913 shares in the company, valued at approximately $10,403,205.38. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

GitLab Stock Up 6.0 %

Shares of NASDAQ:GTLB opened at $59.76 on Friday. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53. The business has a 50 day moving average of $60.38 and a 200-day moving average of $53.71. The stock has a market cap of $9.70 billion, a PE ratio of -186.75 and a beta of 0.54.

Institutional Trading of GitLab

Several institutional investors have recently added to or reduced their stakes in GTLB. Everence Capital Management Inc. bought a new position in GitLab during the 4th quarter worth $221,000. Oddo BHF Asset Management Sas acquired a new position in shares of GitLab in the third quarter valued at about $6,865,000. Franklin Resources Inc. increased its position in GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after acquiring an additional 21,976 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in GitLab in the 3rd quarter worth about $98,000. Finally, Sanctuary Advisors LLC boosted its holdings in GitLab by 205.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock valued at $631,000 after purchasing an additional 8,242 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GTLB. Barclays increased their target price on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Royal Bank of Canada lifted their target price on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. KeyCorp boosted their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. DA Davidson lifted their price objective on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Morgan Stanley boosted their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

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.