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

GitLab Inc. (NASDAQ:GTLB) Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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 Price Performance

GTLB traded up $0.95 during trading on Tuesday, reaching $60.91. 1,701,980 shares of the company’s stock were exchanged, compared to its average volume of 2,331,013. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The company’s fifty day simple moving average is $54.63 and its 200-day simple moving average is $51.27. The stock has a market capitalization of $9.78 billion, a P/E ratio of -25.62 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.29) earnings per share. Equities analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

Institutional Trading of GitLab

A number of hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in shares of 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 in the last quarter. Future Financial Wealth Managment LLC acquired a new position in GitLab in the 3rd quarter worth about $52,000. True Wealth Design LLC acquired a new stake in GitLab in the third quarter valued at approximately $56,000. Rakuten Securities Inc. increased its position in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares in the last quarter. Finally, Quarry LP raised its stake in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the period. 91.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GTLB. Scotiabank increased their price objective on GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, September 4th. Robert W. Baird raised their target price on shares of GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Baird R W raised shares of GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. DA Davidson restated a “neutral” rating and set a $50.00 target price on shares of GitLab in a report on Monday, October 14th. Finally, Wells Fargo & Company lifted their price target on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $66.38.

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.