Simon Mundy Sells 5,191 Shares of GitLab (NASDAQ:GTLB) Stock

Key Points

• Simon Mundy, the Chief Accounting Officer of GitLab, sold 5,191 shares of the company's stock at an average price of $43.99, totaling approximately $228,352, significantly reducing his position by 8.84%.
• GitLab's stock saw a 5.4% increase recently, trading at $46.49, with a notable average trading volume and a one-year price range between $37.90 and $74.18.
• Institutional investors own approximately 95.04% of GitLab, with notable increases in holdings by firms like HMI Capital Management and Nomura Holdings in the second quarter.

GitLab Inc. (NASDAQ:GTLB - Get Free Report) CAO Simon Mundy sold 5,191 shares of the firm's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $43.99, for a total value of $228,352.09. Following the sale, the chief accounting officer directly owned 53,507 shares in the company, valued at $2,353,772.93. The trade was a 8.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

GitLab Trading Up 5.4%

GTLB stock traded up $2.38 during mid-day trading on Thursday, hitting $46.49. 3,992,267 shares of the company were exchanged, compared to its average volume of 5,585,533. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The business has a 50 day simple moving average of $46.01 and a 200-day simple moving average of $46.02.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently modified their holdings of the company. Corient Private Wealth LLC purchased a new position in shares of GitLab during the 2nd quarter worth about $301,000. HMI Capital Management L.P. boosted its holdings in GitLab by 32.3% during the second quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company's stock worth $264,283,000 after buying an additional 1,430,151 shares in the last quarter. State of Wyoming acquired a new stake in shares of GitLab in the second quarter valued at about $840,000. Nomura Holdings Inc. increased its position in GitLab by 327.0% during the second quarter. Nomura Holdings Inc. now owns 18,193 shares of the company's stock worth $821,000 after purchasing an additional 13,932 shares during the last quarter. Finally, KP Management LLC boosted its stake in GitLab by 10.2% during the second quarter. KP Management LLC now owns 16,527 shares of the company's stock worth $746,000 after buying an additional 1,527 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on GTLB. Mizuho dropped their price objective on shares of GitLab from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Friday, September 5th. UBS Group lowered their target price on shares of GitLab from $73.00 to $60.00 and set a "buy" rating on the stock in a report on Thursday, September 4th. The Goldman Sachs Group restated a "neutral" rating and issued a $50.00 target price on shares of GitLab in a report on Tuesday, June 24th. DA Davidson decreased their price objective on shares of GitLab from $50.00 to $45.00 and set a "neutral" rating for the company in a research note on Thursday, September 4th. Finally, Piper Sandler decreased their price objective on shares of GitLab from $85.00 to $70.00 and set an "overweight" rating for the company in a research note on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $58.67.

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.

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