Brian G. Robins Sells 16,668 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

GitLab Price Performance

Shares of GTLB traded down $0.91 during trading hours on Wednesday, hitting $55.29. The stock had a trading volume of 1,516,183 shares, compared to its average volume of 2,569,130. The company’s fifty day moving average is $49.19 and its two-hundred day moving average is $52.56. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of -20.44 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $176.86 million. During the same quarter in the prior year, the firm earned ($0.29) EPS. The firm’s quarterly revenue was up 30.8% compared to the same quarter last year. Equities analysts predict that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On GitLab

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its holdings in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after acquiring an additional 548 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in GitLab during the 1st quarter worth about $58,000. Future Financial Wealth Managment LLC bought a new stake in GitLab during the 1st quarter worth about $58,000. Quarry LP grew its holdings in GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after acquiring an additional 500 shares during the last quarter. Finally, Tucker Asset Management LLC bought a new stake in GitLab during the 4th quarter worth about $83,000. Institutional investors own 91.72% of the company’s stock.

Wall Street Analyst Weigh In

GTLB has been the topic of a number of research analyst reports. Scotiabank boosted their price objective on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research report on Wednesday, September 4th. Canaccord Genuity Group reduced their target price on shares of GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price objective on shares of GitLab in a research note on Monday, August 19th. Barclays boosted their price objective on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 5th. Finally, KeyCorp reduced their price objective on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Four analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $65.87.

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.