SAN FRANCISCO—Robin Schulman, Chief Legal Officer and Corporate Secretary of Gitlab Inc. (NASDAQ:GTLB), a $9.15 billion market cap company with impressive 89% gross profit margins, recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt.
On January 2, Schulman sold 7,330 shares of Gitlab's Class A common stock at a price of $56.98 per share. The following day, January 3, she sold an additional 9,251 shares at $60 per share. The combined sales totaled $972,723. With the stock currently trading at $59.76 and analysts setting price targets ranging from $65 to $90, InvestingPro analysis suggests the stock is trading above its Fair Value.
Following these transactions, Schulman holds 121,893 shares of Gitlab's Class A common stock. These sales were carried out under a pre-established trading plan that Schulman set up on October 1, 2024, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
The transactions also included the conversion of 9,251 shares of Class B common stock into Class A common stock, which did not involve any monetary exchange. This conversion was part of the routine management of Schulman's equity holdings in the company.
In other recent news, GitLab Inc. has been a focal point of several investment firms following robust third-quarter results. Macquarie initiated coverage on GitLab, highlighting its key role in the developer security operations market and setting a price target of $90.00. This was followed by TD Cowen's price target increase to $82 and a maintained Buy rating, reflecting GitLab's strong 3Q performance with a revenue growth of 31%.
Piper Sandler also expressed confidence in GitLab by increasing its price target from $75.00 to $85.00, maintaining an Overweight rating on the stock. The firm cited the company's impressive gross profit margins and strong revenue growth. KeyBanc Capital Markets echoed this sentiment by increasing its price target to $80.00 from the previous $74.00, while reiterating an Overweight rating on the stock.
Baird increased its price target for GitLab from $62.00 to $75.00, maintaining an Outperform rating. This adjustment follows GitLab's robust performance in the third quarter, highlighting the growing adoption of its services. The company's Ultimate tier continues to exhibit solid growth, now representing approximately 48% of the company's total Annual Recurring Revenue (ARR).
In addition to these financial achievements, GitLab announced a significant leadership change with Bill Staples named as the incoming CEO, succeeding co-founder Sid Sijbrandij. These recent developments suggest a strong growth trajectory for GitLab, with analysts expressing confidence in the company's future.
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