GitLab Inc. (NASDAQ:GTLB) Director Sells $5,476,208.00 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the sale, the director now owns 551,997 shares of the company’s stock, valued at $23,360,513.04. The trade was a 18.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

GitLab Stock Up 2.1%

Shares of GitLab stock opened at $45.14 on Friday. The firm’s 50 day moving average price is $46.29 and its 200-day moving average price is $53.87. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The company has a market cap of $7.46 billion, a P/E ratio of 451.40 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last released 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. The company had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. GitLab’s revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 EPS. As a group, equities research analysts forecast that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GTLB. DA Davidson decreased their price objective on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Mizuho reduced their price target on shares of GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, June 11th. UBS Group reduced their price target on shares of GitLab from $85.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, June 11th. Needham & Company LLC reduced their price target on shares of GitLab from $85.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, June 11th. Finally, Cantor Fitzgerald reduced their price target on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, June 11th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $63.59.

Institutional Trading of GitLab

Large investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its position in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the last quarter. Cullen Frost Bankers Inc. grew its position 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 purchasing an additional 334 shares during the last quarter. CoreCap Advisors LLC grew its position in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares during the last quarter. Twin Tree Management LP purchased a new stake in GitLab during the 1st quarter worth approximately $29,000. Finally, Cloud Capital Management LLC purchased a new stake in GitLab during the 1st quarter worth approximately $29,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

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.