Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells $193,082.50 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Karen Blasing sold 3,250 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $59.41, for a total value of $193,082.50. Following the completion of the sale, the director now directly owns 137,983 shares in the company, valued at $8,197,570.03. This represents a 2.30 % 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 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

NASDAQ:GTLB opened at $64.80 on Friday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The firm’s 50-day simple moving average is $55.08 and its 200 day simple moving average is $51.49. The firm has a market cap of $10.40 billion, a price-to-earnings ratio of -27.69 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) 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 last year, the business posted ($0.29) EPS. The firm’s revenue for the quarter was up 30.8% on a year-over-year basis. Sell-side analysts anticipate that GitLab Inc. will post -0.41 EPS for the current year.

Institutional Trading of GitLab

Large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its stake in GitLab by 2,107.7% in 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 acquired a new stake in shares of GitLab during the third quarter valued at about $52,000. True Wealth Design LLC bought a new stake in shares of GitLab during the third quarter worth about $56,000. Rakuten Securities Inc. grew its holdings in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares during the last quarter. Finally, Quarry LP raised its stake 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 acquiring an additional 1,502 shares during the last quarter. 91.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GTLB shares. UBS Group lifted their price target on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Wells Fargo & Company lifted their target price on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Morgan Stanley began coverage on shares of GitLab in a report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Barclays upped their target price on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Finally, Scotiabank raised 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. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus price target of $66.67.

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.