Insider Selling: GitLab (NASDAQ:GTLB) Director Sells 47,300 Shares of 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 the company's stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $50.05, for a total transaction of $2,367,365.00. Following the completion of the sale, the director owned 63,341 shares of the company's stock, valued at approximately $3,170,217.05. The trade was a 42.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Wednesday, September 17th, Matthew Jacobson sold 396,147 shares of GitLab stock. The stock was sold at an average price of $50.53, for a total transaction of $20,017,307.91.
• On Monday, September 8th, Matthew Jacobson sold 143,205 shares of GitLab stock. The stock was sold at an average price of $46.80, for a total transaction of $6,701,994.00.
• On Wednesday, June 25th, Matthew Jacobson sold 129,400 shares of GitLab stock. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00.

GitLab Stock Performance

NASDAQ GTLB traded up $0.16 during trading on Friday, hitting $50.20. 4,131,933 shares of the company's stock traded hands, compared to its average volume of 6,286,777. The stock has a market capitalization of $8.37 billion, a price-to-earnings ratio of -1,255.00 and a beta of 0.75. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The business has a 50 day moving average of $45.60 and a 200-day moving average of $46.36.

Analysts Set New Price Targets

GTLB has been the topic of a number of recent analyst reports. Guggenheim initiated coverage on shares of GitLab in a report on Thursday, September 11th. They issued a "buy" rating and a $70.00 price target on the stock. Royal Bank Of Canada reiterated an "outperform" rating and set a $62.00 price target on shares of GitLab in a research report on Wednesday, June 25th. Mizuho dropped their price objective on GitLab from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Friday, September 5th. Macquarie reaffirmed an "outperform" rating and issued a $75.00 price target on shares of GitLab in a research note on Thursday, September 4th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $50.00 price target on shares of GitLab in a research note on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $58.88.

Institutional Investors Weigh In On GitLab

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of GitLab by 9,968.3% during the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock valued at $2,030,000 after purchasing an additional 42,764 shares during the period. Park Avenue Securities LLC grew its stake in shares of 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. Focus Partners Wealth grew its stake in shares of GitLab by 42.5% during the 1st quarter. Focus Partners Wealth now owns 252,586 shares of the company's stock valued at $11,871,000 after purchasing an additional 75,331 shares during the period. Wealthcare Advisory Partners LLC lifted its position in shares of GitLab by 19.3% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock valued at $309,000 after buying an additional 1,065 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. bought a new position in shares of GitLab during the 1st quarter valued at approximately $200,000. 95.04% of the stock is currently owned by institutional investors.

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.