GitLab (NASDAQ:GTLB) Director Sells $3,189,523.92 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 63,587 shares of the stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $50.16, for a total value of $3,189,523.92. Following the sale, the director owned 820 shares in the company, valued at $41,131.20. The trade was a 98.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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 stock was 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 Up 1.6%

Shares of GTLB opened at $47.47 on Friday. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The firm has a market capitalization of $7.91 billion, a PE ratio of -1,186.75 and a beta of 0.75. The stock’s fifty day simple moving average is $46.05 and its 200-day simple moving average is $46.14.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several research reports. Cowen reaffirmed a “buy” rating on shares of GitLab in a research note on Friday, June 6th. Macquarie reaffirmed an “outperform” rating and set a $75.00 price target on shares of GitLab in a research note on Thursday, September 4th. Scotiabank cut their price target on GitLab from $80.00 to $67.00 and set a “sector outperform” rating on the stock in a research note on Friday, June 6th. DA Davidson cut their target price on GitLab from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Thursday, September 4th. Finally, Zacks Research raised GitLab from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 9th. One 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.88.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently modified their holdings of the business. Corient Private Wealth LLC acquired a new stake in shares of GitLab during the second quarter worth about $301,000. HMI Capital Management L.P. raised its position in shares of 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 purchasing an additional 1,430,151 shares during the period. State of Wyoming acquired a new stake in shares of GitLab during the second quarter worth about $840,000. Nomura Holdings Inc. raised its position in shares of 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 period. Finally, KP Management LLC raised its position in shares of 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 purchasing an additional 1,527 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.