Brian G. Robins Sells 10,000 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $15,037,451.20. This represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

GitLab Price Performance

Shares of GTLB opened at $59.76 on Friday. The company has a market capitalization of $9.70 billion, a P/E ratio of -186.75 and a beta of 0.54. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The business’s 50 day simple moving average is $60.38 and its 200-day simple moving average is $53.71.

Institutional Trading of GitLab

Several large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its position in GitLab by 549.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,726 shares of the company’s stock worth $185,000 after buying an additional 3,152 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of GitLab by 14.6% during the second quarter. Principal Financial Group Inc. now owns 10,324 shares of the company’s stock worth $513,000 after purchasing an additional 1,314 shares in the last quarter. Rhumbline Advisers grew its stake in shares of GitLab by 21.9% during the second quarter. Rhumbline Advisers now owns 128,193 shares of the company’s stock valued at $6,374,000 after purchasing an additional 22,989 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of GitLab by 41.8% in the second quarter. Arizona State Retirement System now owns 31,538 shares of the company’s stock valued at $1,568,000 after purchasing an additional 9,298 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in GitLab by 3,424.5% in the 2nd quarter. Acadian Asset Management LLC now owns 18,257 shares of the company’s stock worth $907,000 after purchasing an additional 17,739 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Scotiabank lifted their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. DA Davidson lifted their price objective on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Piper Sandler increased their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. KeyCorp lifted their price target on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, Macquarie assumed coverage on GitLab in a research report on Thursday, December 12th. They issued an “outperform” rating and a $90.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average target price of $76.42.

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.