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Matthew Jacobson, a director at GitLab Inc. (NASDAQ:GTLB), recently sold shares valued at approximately $32.7 million, according to a filing with the Securities and Exchange Commission. The company, currently valued at $9.4 billion, maintains impressive gross profit margins of 89% and a strong balance sheet according to InvestingPro data. The transactions, which took place on December 26 and 27, involved multiple sales of GitLab's Class A common stock at prices ranging from $59.18 to $59.7229 per share. Following these transactions, Jacobson continues to hold a significant number of shares, reflecting his ongoing investment in the company. The sales were conducted through various ICONIQ Strategic Partners entities, which Jacobson is affiliated with, as noted in the filing. With 24 analysts recently revising earnings estimates upward and a consensus target suggesting potential upside, InvestingPro subscribers can access detailed insights through comprehensive Pro Research Reports, available for over 1,400 US stocks including GitLab.
In other recent news, GitLab Inc has been the beneficiary of several positive analyst reports following strong third-quarter performance. Macquarie initiated coverage on GitLab with an Outperform rating and a price target of $90.00, citing GitLab's significant role in the DevSecOps toolchain market. TD Cowen maintained its Buy rating on GitLab shares and raised its price target to $82 from $70, following the company's reported third-quarter revenue growth of 31%, exceeding the expected 26%.
Piper Sandler showed confidence by increasing its price target from $75.00 to $85.00, maintaining an Overweight rating on GitLab's stock. KeyBanc Capital Markets also displayed optimism, revising its price target to $80.00 from the previous $74.00, and reiterating an Overweight rating on the stock. Baird increased its price target for GitLab from $62.00 to $75.00 while maintaining an Outperform rating.
These recent developments follow GitLab's impressive third-quarter results, with the company reporting a revenue growth of 32.4% and a significant profit surge, with operating margins reaching a record 13%. The company's earnings per share guidance has nearly tripled from the initial forecast, and the full-year guidance has increased by $10.5 million. However, these developments are recent and could be subject to change.
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