Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells $527,760.00 in Stock

GitLab Inc. (NASDAQ:GTLBGet Free Report) Director Sundeep Bedi sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $58.64, for a total transaction of $527,760.00. Following the completion of the transaction, the director now directly owns 8,369 shares of the company’s stock, valued at approximately $490,758.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

GitLab Price Performance

NASDAQ GTLB opened at $58.32 on Monday. The company has a fifty day moving average of $66.59 and a 200 day moving average of $56.98. The company has a market capitalization of $9.08 billion, a PE ratio of -21.21 and a beta of 0.52. GitLab Inc. has a 1 year low of $26.24 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLBGet Free Report) last issued its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.07. The business had revenue of $163.80 million during the quarter, compared to analysts’ expectations of $157.89 million. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The company’s revenue for the quarter was up 33.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.26) EPS. Research analysts expect that GitLab Inc. will post -0.96 earnings per share for the current year.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently bought and sold shares of the stock. Invesco Ltd. increased its holdings in shares of GitLab by 71.3% during the 3rd quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock valued at $191,590,000 after purchasing an additional 1,762,944 shares in the last quarter. Wellington Management Group LLP grew its position in GitLab by 280.3% during the third quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after buying an additional 463,584 shares during the period. Polar Capital Holdings Plc purchased a new position in GitLab in the third quarter valued at $7,558,000. Vanguard Group Inc. raised its position in shares of GitLab by 6.8% in the third quarter. Vanguard Group Inc. now owns 8,317,446 shares of the company’s stock worth $376,115,000 after acquiring an additional 530,702 shares during the period. Finally, Quantbot Technologies LP boosted its stake in shares of GitLab by 72.3% during the 3rd quarter. Quantbot Technologies LP now owns 48,861 shares of the company’s stock worth $2,209,000 after acquiring an additional 20,500 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Analyst Upgrades and Downgrades

GTLB has been the subject of several recent research reports. Canaccord Genuity Group reissued a “buy” rating and issued a $74.00 price target on shares of GitLab in a research report on Tuesday, March 5th. TD Cowen reduced their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Tuesday, March 5th. Scotiabank raised their price target on shares of GitLab from $60.00 to $70.00 and gave the company a “sector outperform” rating in a report on Tuesday, December 5th. Cantor Fitzgerald cut their price objective on shares of GitLab from $80.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 5th. Finally, UBS Group decreased their target price on shares of GitLab from $81.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.80.

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GitLab Company Profile

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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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Insider Buying and Selling by Quarter for GitLab (NASDAQ:GTLB)

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