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

GitLab Inc. (NASDAQ:GTLB) Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the sale, the director owned 110,389 shares of the company’s stock, valued at $4,967,505. This represents a 2.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Thursday, May 15th, Karen Blasing sold 3,250 shares of GitLab stock. The shares were sold at an average price of $51.58, for a total value of $167,635.00.
• On Wednesday, April 23rd, Karen Blasing sold 3,250 shares of GitLab stock. The stock was sold at an average price of $45.00, for a total value of $146,250.00.

GitLab Stock Performance

GTLB opened at $45.14 on Thursday. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The business’s 50-day simple moving average is $46.50 and its 200-day simple moving average is $53.56. The company has a market cap of $7.46 billion, a P/E ratio of 451.40 and a beta of 0.74.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to analysts’ expectations of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The firm’s revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 earnings per share. As a group, analysts predict that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. Swedbank AB increased its stake in GitLab by 51.8% in the first quarter. Swedbank AB now owns 258,000 shares of the company’s stock valued at $12,126,000 after purchasing an additional 88,000 shares during the period. Belpointe Asset Management LLC purchased a new position in shares of GitLab during the first quarter worth about $409,000. Fortis Capital Advisors LLC acquired a new position in GitLab in the 1st quarter valued at about $409,000. Focus Partners Wealth increased its position in GitLab by 42.5% in the 1st quarter. Focus Partners Wealth now owns 252,586 shares of the company’s stock valued at $11,871,000 after acquiring an additional 75,331 shares during the period. Finally, Bayforest Capital Ltd acquired a new stake in GitLab during the 1st quarter worth approximately $830,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on GTLB shares. Macquarie reiterated an “outperform” rating and set a $75.00 price target on shares of GitLab in a report on Wednesday, June 25th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $50.00 target price on shares of GitLab in a research note on Tuesday, June 24th. Mizuho reduced their price target on shares of GitLab from $72.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 11th. Needham & Company LLC lowered their price objective on shares of GitLab from $85.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th. Finally, Cowen reissued a “buy” rating on shares of GitLab in a research report on Friday, June 6th. Four equities research 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.59.

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.