Matthew Jacobson Sells 63,587 Shares of GitLab (NASDAQ:GTLB) Stock

Key Points

• Matthew Jacobson, Director of GitLab, sold 63,587 shares of the company's stock on September 23rd for approximately $3.19 million, reducing his holdings by 98.73% to just 820 shares.
• In a series of transactions over the past few weeks, Jacobson sold a total of 896,615 shares for nearly $44 million, indicating a significant change in his investment strategy.
• GitLab's stock has seen volatile trading, with its current price at $46.72, down from a 12-month high of $74.18, amidst various analyst ratings and target price adjustments.

GitLab Inc. (NASDAQ:GTLB - Get Free Report) Director Matthew Jacobson sold 63,587 shares of GitLab stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $50.16, for a total value of $3,189,523.92. Following the transaction, the director owned 820 shares in the company, valued at $41,131.20. This represents a 98.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Friday, September 19th, Matthew Jacobson sold 233,382 shares of GitLab stock. The shares were sold at an average price of $50.17, for a total value of $11,708,774.94.
• 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.

GitLab Stock Performance

Shares of GTLB stock traded down $0.51 on Thursday, reaching $46.72. 3,521,190 shares of the company's stock traded hands, compared to its average volume of 3,843,970. The business's 50 day moving average price is $46.01 and its two-hundred day moving average price is $46.22. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The company has a market capitalization of $7.79 billion, a P/E ratio of -1,168.00 and a beta of 0.75.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently made changes to their positions in GTLB. Public Employees Retirement System of Ohio lifted its position in shares of GitLab by 63.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company's stock worth $3,972,000 after buying an additional 27,455 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of GitLab by 15.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 105,307 shares of the company's stock worth $5,934,000 after purchasing an additional 14,143 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of GitLab by 1.8% during the 4th quarter. California State Teachers Retirement System now owns 103,225 shares of the company's stock worth $5,817,000 after purchasing an additional 1,842 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of GitLab by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 743,492 shares of the company's stock worth $41,896,000 after purchasing an additional 98,496 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of GitLab by 9,968.3% during the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock worth $2,030,000 after purchasing an additional 42,764 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of recent research reports. Morgan Stanley boosted their target price on GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Rosenblatt Securities restated a "buy" rating and issued a $58.00 target price on shares of GitLab in a research note on Thursday, September 4th. Capital One Financial downgraded GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price on the stock. in a research note on Wednesday, July 16th. Raymond James Financial lowered their target price on GitLab from $60.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, September 4th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $60.00 target price on shares of GitLab in a research note on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target 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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