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

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Matthew Jacobson sold 129,400 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total value of $5,476,208.00. Following the sale, the director owned 551,997 shares in the company, valued at $23,360,513.04. The trade was a 18.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

GitLab Stock Down 0.1%

Shares of GTLB traded down $0.03 during trading hours on Monday, hitting $45.11. The company had a trading volume of 5,537,059 shares, compared to its average volume of 2,808,986. The business has a fifty day moving average of $46.29 and a 200-day moving average of $53.77. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of 451.10 and a beta of 0.75. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. The business had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. GitLab's quarterly revenue was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 EPS. On average, equities analysts expect that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Institutional Trading of GitLab

Several institutional investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. lifted its holdings in shares of GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after buying an additional 334 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in GitLab by 5,700.0% in 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 in the last quarter. Cloud Capital Management LLC bought a new stake in GitLab in the 1st quarter valued at about $29,000. Twin Tree Management LP bought a new stake in GitLab in the 1st quarter valued at about $29,000. Finally, CoreCap Advisors LLC grew its position in shares of 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 in the last quarter. 95.04% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GTLB shares. Scotiabank dropped their target price on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research note on Friday, June 6th. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday, June 11th. Barclays decreased their price objective on GitLab from $58.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Wednesday, June 11th. Royal Bank Of Canada restated an "outperform" rating and set a $62.00 target price on shares of GitLab in a research report on Wednesday, June 25th. Finally, KeyCorp decreased their price target on GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.

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.