Insider Selling: GitLab (NASDAQ:GTLB) Director Sells 3,250 Shares of Stock

Key Points

• GitLab Director Karen Blasing recently sold 3,250 shares of the company's stock at an average price of $50.08, totaling approximately $162,760, which decreased her position by 3.13%.
• Institutional investors have shown significant interest in GitLab, with firms like Eminence Capital LP increasing their stake by 148.9% during the second quarter, owning 95.04% of the company's stock collectively.
• Wall Street analysts have mixed forecasts for GitLab, with price targets ranging from $46.00 to $76.00, reflecting a generally positive outlook with an average rating of "Moderate Buy."

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $50.08, for a total transaction of $162,760.00. Following the sale, the director owned 100,639 shares in the company, valued at approximately $5,040,001.12. This trade represents a 3.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Karen Blasing also recently made the following trade(s):

• On Monday, August 18th, Karen Blasing sold 3,250 shares of GitLab stock. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00.
• On Friday, July 18th, Karen Blasing sold 3,250 shares of GitLab stock. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00.
• On Friday, June 27th, Karen Blasing sold 3,250 shares of GitLab stock. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00.

GitLab Stock Up 0.2%

GitLab stock traded up $0.12 during midday trading on Wednesday, hitting $50.43. 4,870,859 shares of the company's stock were exchanged, compared to its average volume of 6,163,025. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The firm has a 50-day moving average of $45.34 and a two-hundred day moving average of $46.59.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Eminence Capital LP lifted its stake in shares of GitLab by 148.9% in the second quarter. Eminence Capital LP now owns 6,218,607 shares of the company's stock worth $280,521,000 after buying an additional 3,720,406 shares in the last quarter. Atreides Management LP lifted its position in shares of GitLab by 867.3% during the 2nd quarter. Atreides Management LP now owns 3,938,198 shares of the company's stock worth $177,652,000 after buying an additional 3,531,070 shares during the last quarter. Champlain Investment Partners LLC raised its position in GitLab by 251.3% in the 2nd quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company's stock valued at $203,545,000 after purchasing an additional 3,227,717 shares during the last quarter. 1832 Asset Management L.P. increased its stake in GitLab by 2,456.8% in the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock valued at $107,865,000 after buying an additional 2,205,238 shares during the period. Finally, Norges Bank acquired a new position in shares of GitLab during the 2nd quarter worth $93,489,000. Institutional investors and hedge funds own 95.04% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Canaccord Genuity Group cut their price target on GitLab from $76.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, September 4th. The Goldman Sachs Group reissued a "neutral" rating and set a $50.00 price objective on shares of GitLab in a report on Tuesday, June 24th. Macquarie reissued an "outperform" rating and issued a $75.00 target price on shares of GitLab in a research note on Thursday, September 4th. Capital One Financial lowered 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. Finally, Guggenheim began coverage on GitLab in a report on Thursday, September 11th. They set a "buy" rating and a $70.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, GitLab presently has an average rating of "Moderate Buy" and an average target price of $58.88.

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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