GitLab (NASDAQ:GTLB) Director Sells $20,017,307.91 in Stock

Key Points

• GitLab Director Matthew Jacobson sold 396,147 shares for a total of $20,017,307.91, resulting in an 84.39% reduction in his ownership stake.
• Recent stock activity shows GitLab trading at $50.20, with analysts rating it a consensus of "Moderate Buy" and setting a price target of approximately $58.88.
• Institutional investors and hedge funds own a significant 95.04% of GitLab's stock, indicating strong institutional interest in the company.

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Matthew Jacobson sold 396,147 shares of the stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $50.53, for a total transaction of $20,017,307.91. Following the completion of the sale, the director directly owned 73,299 shares of the company's stock, valued at approximately $3,703,798.47. This trade represents a 84.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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 transaction of $2,367,365.00.
• 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 Price Performance

Shares of NASDAQ:GTLB traded up $0.16 during mid-day trading on Friday, reaching $50.20. 4,131,933 shares of the company were exchanged, compared to its average volume of 6,286,777. The firm has a market cap of $8.37 billion, a price-to-earnings ratio of -1,255.00 and a beta of 0.75. The firm's 50-day simple moving average is $45.60 and its 200 day simple moving average is $46.36. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $62.00 price objective on shares of GitLab in a research report on Wednesday, June 25th. Zacks Research raised shares of GitLab from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 9th. Barclays decreased their price target on shares of GitLab from $47.00 to $44.00 and set an "equal weight" rating for the company in a research report on Friday, September 5th. The Goldman Sachs Group reissued a "neutral" rating and issued a $50.00 price target on shares of GitLab in a research report on Tuesday, June 24th. Finally, BTIG Research decreased their price target on shares of GitLab from $67.00 to $57.00 and set a "buy" rating for the company in a research report on Thursday, September 4th. One equities research 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 company's stock. Based on data from MarketBeat, GitLab currently has an average rating of "Moderate Buy" and an average price target of $58.88.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GTLB. Eminence Capital LP grew its position in GitLab by 148.9% during the 2nd quarter. Eminence Capital LP now owns 6,218,607 shares of the company's stock worth $280,521,000 after purchasing an additional 3,720,406 shares during the last quarter. Atreides Management LP boosted its holdings in shares of GitLab by 867.3% in the second quarter. Atreides Management LP now owns 3,938,198 shares of the company's stock valued at $177,652,000 after acquiring an additional 3,531,070 shares in the last quarter. Champlain Investment Partners LLC boosted its holdings in shares of GitLab by 251.3% in the second quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company's stock valued at $203,545,000 after acquiring an additional 3,227,717 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of GitLab by 2,456.8% in the first quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock valued at $107,865,000 after acquiring an additional 2,205,238 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of GitLab in the second quarter valued at about $93,489,000. 95.04% of the stock is owned by hedge funds and other 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.