GitLab CFO Brian Robins sells $562,424 worth of stock via Investing.com
SAN FRANCISCO—GitLab Inc. (NASDAQ:GTLB), a $9.15 billion market cap software company, saw its Chief Financial Officer Brian G. Robins report significant stock transactions this week, according to a recent SEC filing. On January 2, Robins made a series of stock sales totaling $562,424. Shares traded in a range of $56.18 to $56.96, below the current trading price of $59.76.
In addition to the sale, Robins also exercised options for 10,000 shares of Class B common stock, which were converted into Class A common stock. These transactions were part of a predetermined trading plan under Rule 10b5-1, initiated on December 27, 2023. According InvestingProGitLab maintains impressive gross profit margins of 89% and strong indicators of financial health.
Following these transactions, Robins holds 267,380 shares of GitLab Inc.’s Class A common stock. InvestingPro analysis shows that 24 analysts have recently revised their earnings estimates upwards, with price targets ranging from $65 to $90. Subscribers can access 8 additional ProTips and comprehensive financial analysis in the Pro Research Report.
In other recent news, GitLab Inc has been the focus of several investment firms following strong third quarter results. Macquarie initiated coverage on shares of GitLab with an Outperform rating and set a $90.00 target price, highlighting GitLab’s key role in the developer security operations (DevSecOps) market. TD Cowen maintained a Buy rating on GitLab stock and raised its price target to $82 from $70 after the company reported third-quarter revenue growth of 31%, beating expectations of 26%.
Piper Sandler expressed confidence in GitLab by increasing their price target from $75.00 to $85.00, while maintaining an Overweight rating on the stock. The company highlighted the company’s strong performance in the third quarter, which exceeded expectations and led to upward revisions to annual projections. KeyBanc Capital Markets adjusted their outlook on GitLab, increasing their target price to $80.00 from $74.00 previously, and reiterating an Overweight rating on the stock.
Finally, Baird raised their price target on shares of GitLab from $62.00 to $75.00, while maintaining an Outperform rating. This adjustment follows GitLab’s strong performance in the third quarter, highlighting the growing adoption of its services. These are the latest developments in the case of GitLab Inc.
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