Matthew Jacobson Sells 47,300 Shares of GitLab (NASDAQ:GTLB) Stock

Key Points

• Director Matthew Jacobson sold 47,300 shares of GitLab stock at an average price of $50.05, totaling over $2.36 million, significantly reducing his position by 42.75%.
• Jacobson has made several other significant sales recently, including 396,147 shares sold at about $50.53 just a day earlier, raising concerns about insider selling.
• Analysts have revised their price targets for GitLab, with new estimates ranging from $53.00 to $76.00, and the stock currently holds an average rating of "Moderate Buy."

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Matthew Jacobson sold 47,300 shares of GitLab stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $50.05, for a total value of $2,367,365.00. Following the completion of the transaction, the director owned 63,341 shares in the company, valued at approximately $3,170,217.05. This represents a 42.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, September 17th, Matthew Jacobson sold 396,147 shares of GitLab stock. The shares were sold at an average price of $50.53, for a total value of $20,017,307.91.
• On Monday, September 8th, Matthew Jacobson sold 143,205 shares of GitLab stock. The shares were sold at an average price of $46.80, for a total value of $6,701,994.00.
• 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 Trading Up 0.3%

GitLab stock traded up $0.16 during midday trading on Friday, reaching $50.20. The company's stock had a trading volume of 4,131,933 shares, compared to its average volume of 6,286,777. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The business has a 50-day moving average price of $45.60 and a 200-day moving average price of $46.46. The stock has a market cap of $8.37 billion, a PE ratio of -1,255.00 and a beta of 0.75.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GTLB. JPMorgan Chase & Co. reduced their price target on GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, June 11th. Capital One Financial cut GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price target on the stock. in a report on Wednesday, July 16th. 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 report on Thursday, September 4th. Raymond James Financial lowered their target price on GitLab from $60.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, September 4th. Finally, Zacks Research raised GitLab from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $58.88.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. MetLife Investment Management LLC increased its position in GitLab by 3.2% during the 1st quarter. MetLife Investment Management LLC now owns 7,762 shares of the company's stock valued at $365,000 after purchasing an additional 242 shares during the period. Summit Global Investments increased its position in GitLab by 2.2% during the 2nd quarter. Summit Global Investments now owns 15,193 shares of the company's stock valued at $685,000 after purchasing an additional 331 shares during the period. Cullen Frost Bankers Inc. increased its position in GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after purchasing an additional 334 shares during the period. Park Avenue Securities LLC increased its position in GitLab by 5.3% during the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after purchasing an additional 381 shares during the period. Finally, SBI Securities Co. Ltd. increased its position in GitLab by 12.5% during the 2nd quarter. SBI Securities Co. Ltd. now owns 3,863 shares of the company's stock valued at $174,000 after purchasing an additional 429 shares during the period. Institutional investors and hedge funds own 95.04% of the company's stock.

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.