GitLab (NASDAQ:GTLB) Shares Gap Up – Should You Buy?

GitLab Inc. (NASDAQ:GTLB) gapped up prior to trading on Thursday . The stock had previously closed at $60.68, but opened at $62.30. GitLab shares last traded at $61.86, with a volume of 577,565 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GTLB shares. Morgan Stanley boosted their price target on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Robert W. Baird raised their price objective on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Wells Fargo & Company boosted their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. BTIG Research raised their price target on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Barclays boosted their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Down 4.0 %

The firm has a market cap of $9.41 billion, a price-to-earnings ratio of -183.13 and a beta of 0.54. The firm has a 50 day moving average of $58.91 and a 200 day moving average of $52.43.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Robin Schulman sold 2,990 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now owns 136,076 shares in the company, valued at $7,484,180. This trade represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 178,365 shares of company stock worth $10,350,684 over the last three months. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Several large investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its holdings in GitLab by 5.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock valued at $3,355,000 after purchasing an additional 3,570 shares during the period. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in GitLab during the second quarter worth approximately $214,000. Values First Advisors Inc. purchased a new stake in GitLab during the second quarter valued at approximately $470,000. Washington Capital Management Inc. bought a new stake in shares of GitLab in the 2nd quarter valued at approximately $398,000. Finally, Neo Ivy Capital Management bought a new position in shares of GitLab during the 2nd quarter valued at approximately $3,672,000. 95.04% of the stock is owned by institutional investors.

GitLab Company Profile

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.