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

On December 16th, Karen Blasing, a director at GitLab Inc. (NASDAQ:GTLB), sold 3,250 shares of the company’s stock. The shares were sold at an average price of $58.99, which amounted to a total transaction value of $191,717.50. After this sale, Karen Blasing owns 134,733 shares of GitLab, valued at approximately $7,947,899.67, reflecting a 2.36% decrease in her stock ownership. The details of this transaction have been reported in a filing with the Securities and Exchange Commission.

In recent months, Karen Blasing has made additional sales of GitLab shares. On November 15th, she sold another 3,250 shares at an average price of $59.41, totaling $193,082.50. Prior to that, on October 15th, she sold 3,250 shares at an average price of $54.72, amounting to $177,840.00.

GitLab Stock Performance

On the trading day following Blasing's latest sale, GitLab’s stock saw a slight increase, trading up 0.1% or $0.07, reaching a price of $59.14 per share. The trading volume during this period was 3,607,827 shares, which is higher than the average volume of 2,440,763 shares. GitLab Inc. has a market capitalization of $9.60 billion, a P/E ratio of -184.59, and a beta of 0.54. The stock's performance range over the past year indicates a low of $40.72 and a high of $78.53.

Institutional Investment Trends

Recent changes in GitLab’s institutional shareholders show a variety of adjustments. State Street Corp increased its stake by 5.8% in the third quarter, owning now 2,032,206 shares valued at about $104,740,000 after buying an additional 111,997 shares. Other firms, such as Oddo BHF Asset Management Sas and ARK Investment Management, have also entered or increased their positions in GitLab. Overall, about 95.04% of GitLab’s stock is held by institutional investors and hedge funds.

Analysts Insights

Several research analysts have recently updated their outlooks on GitLab. Wells Fargo & Company raised their target price from $75.00 to $80.00, assigning an 'overweight' rating. Similarly, Royal Bank of Canada also increased their target from $73.00 to $80.00, while Morgan Stanley went from $70.00 to $77.00. KeyCorp and Truist Financial have also expressed optimistic projections regarding GitLab’s stock performance. While three analysts rate GitLab as a hold, twenty-three recommend a buy, with one suggesting a strong buy. The consensus target price among analysts is currently set at $76.42, which reflects a generally positive sentiment towards the company.

About GitLab Inc.

GitLab Inc., through its subsidiaries, is engaged in the development of software designed for the software development lifecycle. Its core product, GitLab, serves as a comprehensive DevOps platform that enables users to streamline their development processes, enhancing visibility and control throughout the various phases of the DevOps lifecycle.

GitLab, Stock, KarenBlasing