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

GitLab Inc. (NASDAQ:GTLB) Director Sundeep Bedi sold 9,000 shares of the business’s stock in a transaction dated 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 $490,758.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

GitLab Price Performance

NASDAQ:GTLB traded down $0.43 during trading hours on Friday, hitting $58.32. The company had a trading volume of 2,079,701 shares, compared to its average volume of 4,391,221. The company has a market capitalization of $9.08 billion, a PE ratio of -21.21 and a beta of 0.52. The stock has a 50-day moving average price of $66.79 and a 200 day moving average price of $56.91. GitLab Inc. has a 52 week low of $26.24 and a 52 week high of $78.53.

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

Institutional Trading of GitLab

Several large investors have recently added to or reduced their stakes in GTLB. Quadrature Capital Ltd purchased a new position in GitLab during the fourth quarter valued at $905,000. Vanguard Group Inc. raised its position in shares of GitLab by 12.9% in the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after purchasing an additional 1,070,994 shares during the last quarter. Wellington Management Group LLP raised its position in shares of GitLab by 25.8% in the 4th quarter. Wellington Management Group LLP now owns 791,356 shares of the company’s stock worth $49,824,000 after purchasing an additional 162,369 shares during the last quarter. Tucker Asset Management LLC purchased a new position in shares of GitLab in the 4th quarter worth about $83,000. Finally, Quarry LP increased its holdings in GitLab by 75.1% in the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after buying an additional 500 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Sanford C. Bernstein upped their price target on shares of GitLab from $71.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. Capital One Financial began coverage on shares of GitLab in a research report on Friday, March 22nd. They set an “overweight” rating and a $72.00 price target on the stock. Truist Financial increased their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, February 20th. Canaccord Genuity Group restated a “buy” rating and issued a $74.00 price target on shares of GitLab in a research note on Tuesday, March 5th. Finally, Cantor Fitzgerald reduced their price target on shares of GitLab from $80.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 5th. Five investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $69.19.

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.