Insider Selling: GitLab Inc. (NASDAQ:GTLB) CAO Sells $21,582.84 in Stock

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 444 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $48.61, for a total value of $21,582.84. Following the transaction, the chief accounting officer now directly owns 75,332 shares of the company’s stock, valued at approximately $3,661,888.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Erin Mannix also recently made the following trade(s):

• On Thursday, June 27th, Erin Mannix sold 494 shares of GitLab stock. The stock was sold at an average price of $50.00, for a total value of $24,700.00.
• On Thursday, June 20th, Erin Mannix sold 494 shares of GitLab stock. The stock was sold at an average price of $42.92, for a total value of $21,202.48.

GitLab Trading Up 2.7 %

Shares of GTLB opened at $53.17 on Thursday. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53. The business’s fifty day moving average is $50.53 and its 200 day moving average is $58.86.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company had revenue of $169.19 million for the quarter, compared to analysts’ expectations of $165.66 million. On average, equities research analysts expect that GitLab Inc. will post -0.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several research analyst reports. Citic Securities initiated coverage on GitLab in a research note on Monday, June 3rd. They set a “buy” rating and a $80.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of GitLab in a research note on Friday, June 28th. Bank of America lowered their price objective on GitLab from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. BTIG Research lowered their price objective on GitLab from $71.00 to $58.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company assumed coverage on shares of GitLab in a research report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 target price for the company. Four investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.30.

Hedge Funds Weigh In On GitLab

A number of large investors have recently modified their holdings of GTLB. Byrne Asset Management LLC bought a new position in GitLab during the 1st quarter valued at $33,000. Allspring Global Investments Holdings LLC boosted 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. Ramirez Asset Management Inc. purchased a new position in GitLab during the 3rd quarter worth $36,000. SRS Capital Advisors Inc. purchased a new position in GitLab during the 3rd quarter worth $40,000. Finally, Banque Cantonale Vaudoise purchased a new position in GitLab during the 1st quarter worth $58,000. 91.72% of the stock is currently owned by 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.