Gitlab (NASDAQ:GTLB) witnessed a notable insider transaction recently. According to an SEC filing, GV 2021 GP, L.L.C., a “Member of 10% Group,” bought 479,390 shares of GTLB stock in multiple transactions on November 4 and November 7, for a total consideration of $17.09 million. Notably, Alphabet (GOOGL) (GOOG) is also one of the entities involved in the transaction.
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As per the data collected by TipRanks, GV 2021 GP has been consistently increasing its holdings in GTLB stock since May 12, 2022. The total value of its holdings now stands at about $38.6 million.
Gitlab supports organizations in maximizing the overall return on software development by delivering software faster and more efficiently while strengthening security and compliance.
Overall, corporate insiders have bought GTLB shares worth $9.3 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in Gitlab stock is currently Neutral.
Interestingly, TipRanks’ Insider Trading Activity Tool also provides a comprehensive list of daily insider transactions as well as a list of top corporate insiders.
Is Gitlab a Good Stock to Buy?
On TipRanks, GTLB stock has a Strong Buy consensus rating based on five Buys and one Hold. The average Gitlab price target of $73.20 implies 113% upside potential.
