GitLab (NASDAQ:GTLB) Director Sells $5,445,204.00 in Stock

Key Points

• GitLab Director Sytse Sijbrandij sold 108,600 shares of stock for a total of $5,445,204.00 at an average price of $50.14 on September 15th.
• Analyst ratings on GitLab have varied, with target prices ranging from $46.00 to $67.00, indicating mixed market sentiment around the stock.
• Institutional investors now hold 95.04% of GitLab's shares, continuing to actively adjust their stakes in the company.

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $50.14, for a total transaction of $5,445,204.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Sytse Sijbrandij also recently made the following trade(s):

• On Monday, August 18th, Sytse Sijbrandij sold 108,600 shares of GitLab stock. The stock was sold at an average price of $45.16, for a total transaction of $4,904,376.00.
• On Tuesday, July 15th, Sytse Sijbrandij sold 108,600 shares of GitLab stock. The stock was sold at an average price of $43.33, for a total transaction of $4,705,638.00.

GitLab Stock Performance

Shares of NASDAQ GTLB traded up $0.12 during midday trading on Wednesday, reaching $50.43. The stock had a trading volume of 4,870,859 shares, compared to its average volume of 6,163,025. The stock has a 50-day moving average of $45.34 and a 200-day moving average of $46.59. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18.

Analyst Upgrades and Downgrades

GTLB has been the subject of several research analyst reports. Capital One Financial cut shares of GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price for the company. in a research note on Wednesday, July 16th. BTIG Research cut their target price on shares of GitLab from $67.00 to $57.00 and set a "buy" rating for the company in a research note on Thursday, September 4th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $62.00 target price on shares of GitLab in a research note on Wednesday, June 25th. Mizuho cut their target price on shares of GitLab from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Friday, September 5th. Finally, Zacks Research raised shares of GitLab from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. According to 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

Several institutional investors have recently made changes to their positions in GTLB. Deutsche Bank AG lifted its holdings in shares of GitLab by 29.8% in the 4th quarter. Deutsche Bank AG now owns 63,029 shares of the company's stock worth $3,552,000 after acquiring an additional 14,468 shares during the last quarter. Janus Henderson Group PLC increased its stake in GitLab by 5.5% in the 4th quarter. Janus Henderson Group PLC now owns 49,594 shares of the company's stock worth $2,794,000 after buying an additional 2,600 shares during the period. Quantinno Capital Management LP purchased a new position in GitLab in the 4th quarter worth about $301,000. Point72 Asset Management L.P. increased its stake in GitLab by 500.0% in the 4th quarter. Point72 Asset Management L.P. now owns 4,000 shares of the company's stock worth $225,000 after buying an additional 5,000 shares during the period. Finally, JT Stratford LLC purchased a new position in GitLab in the 4th quarter worth about $284,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.