Susan L. Bostrom Sells 20,000 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

Posted by Defense World Staff on Sep 14th, 2023

GitLab Inc. (NASDAQ:GTLB – Get Free Report) Director Susan L. Bostrom sold 20,000 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $52.76, for a total value of $1,055,200.00. Following the completion of the sale, the director now owns 305,869 shares of the company’s stock, valued at approximately $16,137,648.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

GitLab Stock Down 2.6 %

Shares of NASDAQ:GTLB opened at $50.98 on Thursday. The company has a market cap of $7.79 billion, a PE ratio of -40.14 and a beta of 0.18. GitLab Inc. has a fifty-two week low of $26.24 and a fifty-two week high of $62.12. The firm has a 50-day simple moving average of $48.29 and a 200 day simple moving average of $41.95.

GitLab (NASDAQ:GTLB – Get Free Report) last announced its quarterly earnings results on Tuesday, September 5th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. GitLab had a negative return on equity of 21.02% and a negative net margin of 37.77%. The business had revenue of $139.58 million for the quarter, compared to analysts’ expectations of $129.81 million. During the same period in the prior year, the firm earned ($0.40) EPS. The business’s quarterly revenue was up 38.1% on a year-over-year basis. As a group, research analysts forecast that GitLab Inc. will post -1.03 EPS for the current fiscal year.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently added to or reduced their stakes in GTLB. Quarry LP bought a new position in shares of GitLab during the second quarter worth about $30,000. Sands Capital Ventures LLC acquired a new stake in shares of GitLab in the fourth quarter valued at approximately $30,000. Ossiam bought a new stake in shares of GitLab during the first quarter valued at approximately $27,000. Canton Hathaway LLC acquired a new position in shares of GitLab during the first quarter worth approximately $27,000. Finally, OLD Mission Capital LLC bought a new position in GitLab in the 4th quarter worth approximately $37,000. 54.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GTLB has been the subject of several recent research reports. Bank of America increased their price objective on shares of GitLab from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 6th. Royal Bank of Canada lifted their price target on shares of GitLab from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 6th. Piper Sandler upped their price objective on shares of GitLab from $52.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, September 6th. Mizuho lifted their target price on GitLab from $45.00 to $51.00 in a research report on Wednesday, September 6th. Finally, William Blair reiterated an “outperform” rating on shares of GitLab in a research note on Wednesday, September 6th. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.06.

View Our Latest Stock Report on GTLB

About GitLab

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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.