GitLab Inc. (NASDAQ:GTLB) Director Sells $146,250.00 in Stock

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Friday, June 27th. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director directly owned 110,389 shares of the company's stock, valued at approximately $4,967,505. The trade was a 2.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

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

• On Thursday, May 15th, Karen Blasing sold 3,250 shares of GitLab stock. The stock was sold at an average price of $51.58, for a total transaction of $167,635.00.
• On Wednesday, April 23rd, 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.

GitLab Stock Performance

GitLab stock traded down $0.37 during mid-day trading on Wednesday, reaching $45.14. 2,878,340 shares of the company were exchanged, compared to its average volume of 2,819,000. The business has a fifty day moving average of $46.50 and a 200 day moving average of $53.56. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The firm has a market cap of $7.46 billion, a P/E ratio of 451.40 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The company had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The firm's quarterly revenue was up 26.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 EPS. Sell-side analysts predict that GitLab Inc. will post -0.31 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. BTIG Research decreased their target price on shares of GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. The Goldman Sachs Group reissued a "neutral" rating and issued a $50.00 target price on shares of GitLab in a report on Tuesday, June 24th. JPMorgan Chase & Co. cut their price target on GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research note on Wednesday, June 11th. Raymond James Financial lowered their price objective on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. Finally, Cantor Fitzgerald dropped their price objective on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, June 11th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, GitLab presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.

Institutional Investors Weigh In On GitLab

A number of large investors have recently bought and sold shares of GTLB. Swedbank AB raised its position in GitLab by 51.8% during the first quarter. Swedbank AB now owns 258,000 shares of the company's stock valued at $12,126,000 after acquiring an additional 88,000 shares in the last quarter. Belpointe Asset Management LLC acquired a new stake in GitLab during the 1st quarter worth $409,000. Fortis Capital Advisors LLC purchased a new stake in GitLab during the 1st quarter valued at about $409,000. Focus Partners Wealth increased its holdings in shares of GitLab by 42.5% in the first 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 last quarter. Finally, Bayforest Capital Ltd purchased a new position in GitLab during the first quarter worth approximately $830,000. Hedge funds and other 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.