GitLab (NASDAQ:GTLB) Director Sells $11,708,774.94 in Stock

Key Points

• GitLab Inc. Director Matthew Jacobson sold 233,382 shares of stock on September 19 for approximately $11.7 million, resulting in a 94.26% reduction in his ownership position.
• The stock traded down to $48.84, with a market capitalization of $8.14 billion, amidst mixed analyst ratings and target price adjustments, including a drop from $60.00 to $55.00 by Raymond James Financial.
• Institutional investors own 95.04% of GitLab's stock, with several hedge funds increasing their positions in recent quarters.

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Matthew Jacobson sold 233,382 shares of the stock in a transaction on Friday, September 19th. The shares were sold at an average price of $50.17, for a total value of $11,708,774.94. Following the sale, the director owned 14,207 shares of the company's stock, valued at $712,765.19. This trade represents a 94.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Thursday, September 18th, Matthew Jacobson sold 47,300 shares of GitLab stock. The shares were sold at an average price of $50.05, for a total value of $2,367,365.00.
• 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 Price Performance

Shares of NASDAQ:GTLB traded down $0.64 on Tuesday, reaching $48.84. 3,280,020 shares of the company traded hands, compared to its average volume of 3,839,416. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The company's 50 day moving average is $45.86 and its 200-day moving average is $46.24. The stock has a market capitalization of $8.14 billion, a PE ratio of -1,221.00 and a beta of 0.74.

Wall Street Analyst Weigh In

GTLB has been the subject of a number of research analyst reports. Raymond James Financial reduced their target price on GitLab from $60.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, September 4th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $58.00 price target on shares of GitLab in a research note on Thursday, September 4th. Canaccord Genuity Group dropped their price target on shares of GitLab from $76.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, September 4th. Piper Sandler dropped their price target on shares of GitLab from $85.00 to $70.00 and set an "overweight" rating on the stock in a research note on Thursday, September 4th. Finally, KeyCorp lowered their target price on shares of GitLab from $60.00 to $53.00 and set an "overweight" rating on the stock in a research report on Thursday, September 4th. One equities 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 company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $58.88.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently made changes to their positions in the business. MetLife Investment Management LLC grew its position in shares of GitLab by 3.2% in the first 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 last quarter. Summit Global Investments grew its position in shares of GitLab by 2.2% in the second 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 last quarter. Cullen Frost Bankers Inc. grew its position in shares of GitLab by 174.9% in the first 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 last quarter. Park Avenue Securities LLC grew its position in shares of GitLab by 5.3% in the first 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 last quarter. Finally, SBI Securities Co. Ltd. grew its position in shares of GitLab by 12.5% in the second 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 last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.

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