GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins Sells 10,000 Shares

GitLab Inc. (NASDAQ:GTLB) CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $52.82, for a total value of $528,200.00. Following the completion of the transaction, the chief financial officer now owns 486,849 shares in the company, valued at $25,715,364.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

GitLab Trading Down 2.1 %

Shares of GTLB opened at $49.93 on Friday. The stock has a market capitalization of $7.63 billion, a P/E ratio of -39.31 and a beta of 0.18. The firm’s fifty day simple moving average is $48.29 and its two-hundred day simple moving average is $42.01. GitLab Inc. has a 12 month low of $26.24 and a 12 month high of $61.83.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 5th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $139.58 million for the quarter, compared to analysts’ expectations of $129.81 million. GitLab had a negative net margin of 37.77% and a negative return on equity of 21.02%. The business’s quarterly revenue was up 38.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.40) earnings per share. As a group, research analysts predict that GitLab Inc. will post -1.13 EPS for the current fiscal year.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Assetmark Inc. increased its stake in GitLab by 352.7% in the 1st quarter. Assetmark Inc. now owns 19,275 shares of the company’s stock valued at $661,000 after buying an additional 15,017 shares during the last quarter. Arete Wealth Advisors LLC purchased a new stake in GitLab in the 1st quarter valued at about $1,441,000. Bank of New York Mellon Corp increased its stake in GitLab by 21.8% in the 1st quarter. Bank of New York Mellon Corp now owns 290,286 shares of the company’s stock valued at $9,954,000 after buying an additional 51,977 shares during the last quarter. Credit Suisse AG increased its stake in GitLab by 18.4% in the 1st quarter. Credit Suisse AG now owns 88,377 shares of the company’s stock valued at $3,030,000 after buying an additional 13,713 shares during the last quarter. Finally, Icapital Wealth LLC purchased a new stake in shares of GitLab during the 4th quarter worth approximately $677,000. Institutional investors and hedge funds own 54.15% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GTLB shares. Piper Sandler lifted their price target on GitLab from $52.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, September 6th. UBS Group lifted their price target on GitLab from $55.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, September 6th. Scotiabank lifted their price objective on GitLab from $58.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 6th. DA Davidson lifted their price objective on GitLab from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, September 6th. Finally, TD Cowen lifted their price objective on GitLab from $56.00 to $63.00 and gave the company an “outperform” rating in a research report on Wednesday, September 6th. Five equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average target price of $62.06.

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.