Matthew Jacobson Sells 143,205 Shares of GitLab (NASDAQ:GTLB) Stock

Key Points

• Matthew Jacobson, a director at GitLab, sold 143,205 shares of the company at an average price of $46.80, totaling approximately $6.7 million, resulting in a 22.33% decrease in his ownership.
• GitLab's stock has seen rapid trading activity, with its stock price recently at $49.01, and a market capitalization of $8.1 billion.
• Despite recent sales, GitLab reported strong quarterly earnings, with revenue up 26.8% compared to last year, and analysts expect the company to post negative earnings per share of -0.31 for the current year.

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Matthew Jacobson sold 143,205 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $46.80, for a total value of $6,701,994.00. Following the transaction, the director owned 498,098 shares in the company, valued at $23,310,986.40. This trade represents a 22.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Matthew Jacobson also recently made the following trade(s):

• On Wednesday, June 25th, Matthew Jacobson sold 129,400 shares of GitLab stock. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00.

GitLab Stock Up 1.1%

Shares of GitLab stock traded up $0.56 during trading on Friday, hitting $50.30. 5,568,627 shares of the stock traded hands, compared to its average volume of 6,225,636. The stock has a market cap of $8.31 billion, a price-to-earnings ratio of -1,257.50 and a beta of 0.75. The firm's fifty day moving average is $45.13 and its 200-day moving average is $46.80. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The firm had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The company's revenue was up 26.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.03 EPS. On average, analysts forecast that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on GTLB. Canaccord Genuity Group reduced their price target on GitLab from $76.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, September 4th. Royal Bank Of Canada restated an "outperform" rating and set a $62.00 price target on shares of GitLab in a research report on Wednesday, June 25th. UBS Group cut their price objective on GitLab from $73.00 to $60.00 and set a "buy" rating on the stock in a research report on Thursday, September 4th. Barclays cut their price objective on GitLab from $47.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Friday, September 5th. Finally, Morgan Stanley lifted their price objective on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $58.88.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of GitLab by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock valued at $631,936,000 after purchasing an additional 302,864 shares during the period. Eminence Capital LP lifted its stake in shares of GitLab by 148.9% in the 2nd quarter. Eminence Capital LP now owns 6,218,607 shares of the company's stock valued at $280,521,000 after purchasing an additional 3,720,406 shares during the period. HMI Capital Management L.P. lifted its stake in shares of GitLab by 32.3% in the 2nd quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company's stock valued at $264,283,000 after purchasing an additional 1,430,151 shares during the period. Champlain Investment Partners LLC lifted its stake in shares of GitLab by 251.3% in the 2nd quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company's stock valued at $203,545,000 after purchasing an additional 3,227,717 shares during the period. Finally, Atreides Management LP lifted its stake in shares of GitLab by 867.3% in the 2nd quarter. Atreides Management LP now owns 3,938,198 shares of the company's stock valued at $177,652,000 after purchasing an additional 3,531,070 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

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.