Karen Blasing Sells 3,250 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

On December 16th, 2023, Karen Blasing, a director at GitLab Inc. (NASDAQ:GTLB - Get Free Report), sold 3,250 shares of the company's stock. The shares were sold at an average price of $58.99, amounting to a total of $191,717.50. After this transaction, Blasing holds 134,733 shares of GitLab, which are worth approximately $7,947,899.67. This sale reflects a 2.36% decrease in her ownership stake in the company. The details of this transaction were reported in a filing with the Securities and Exchange Commission (SEC), which can be accessed at this hyperlink.

In addition to this recent sale, Karen Blasing has also conducted other transactions involving GitLab stock. On November 15th, she sold another 3,250 shares at an average price of $59.41, totaling $193,082.50. Earlier, on October 15th, she sold the same number of shares at an average price of $54.72, making a total of $177,840.00.

Current Trading Status of GitLab

As of mid-day trading on Tuesday, GitLab's stock increased by 0.1%, rising by $0.07 to a price of $59.14. Trading volumes for the day reached 3,607,827 shares, surpassing the average volume of 2,440,763 shares. The company has a fifty-day simple moving average of $59.27 and a 200-day simple moving average of $52.52. With a market capitalization of $9.60 billion, GitLab’s price-to-earnings (P/E) ratio stands at -184.59, and its beta is 0.54. The stock has experienced a 52-week low of $40.72 and a high of $78.53.

Institutional Investments in GitLab

Recent activity among institutional investors reveals significant changes in their positions regarding GitLab stock. State Street Corp increased its holdings by 5.8% in the third quarter, owning 2,032,206 shares valued at approximately $104,740,000 following the addition of 111,997 shares. Oddo BHF Asset Management Sas entered a new investment in GitLab worth roughly $6,865,000 during the same period. Additionally, ARK Investment Management LLC purchased shares valued around $13,435,000, while Mission Creek Capital Partners Inc. boosted its position by 113.9%, acquiring 42,550 extra shares worth $4,119,000. As of now, institutional investors and hedge funds own approximately 95.04% of GitLab's shares.

Analyst Ratings and Price Targets for GitLab

Various research analysts have recently provided insights on GitLab’s stock performance. Wells Fargo & Company raised its price target from $75.00 to $80.00, giving GitLab an "overweight" rating in a report on December 6th. Royal Bank of Canada also increased its target from $73.00 to $80.00 while assigning an "outperform" rating to the stock. Morgan Stanley set a target of $77.00, up from $70.00, and rated it "overweight" on the same day. KeyCorp similarly upped its price objective to $80.00 from $74.00, maintaining an "overweight" rating. Truist Financial reiterated a "buy" rating with an increased target price of $90.00, up from $80.00. Out of the analysts covering GitLab, three have given a hold rating, twenty-three have issued buy ratings, and one has given a strong buy rating. According to MarketBeat.com, GitLab has an average rating of "Moderate Buy" and a consensus target price of $76.42.

About GitLab Inc.

GitLab Inc., along with its subsidiaries, is involved in developing software for the software development lifecycle across regions including the United States, Europe, and Asia Pacific. The company is well-known for its DevOps platform, GitLab, which offers a comprehensive application leading to more rapid project cycles while providing visibility and control throughout various stages of the DevOps lifecycle.

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