GitLab (NASDAQ:GTLB) Trading Up 1.8% – Time to Buy?

Shares of GitLab Inc. (NASDAQ:GTLB) traded up 1.8% on Monday . The company traded as high as $67.55 and last traded at $65.97. 1,456,358 shares were traded during mid-day trading, a decline of 36% from the average session volume of 2,291,596 shares. The stock had previously closed at $64.79.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on GTLB shares. TD Cowen boosted their target price on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. DA Davidson boosted their price objective on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Macquarie restated an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research report on Wednesday, January 15th. Canaccord Genuity Group boosted their price target on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Scotiabank raised their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

The stock’s fifty day moving average price is $61.66 and its 200-day moving average price is $55.25. The firm has a market cap of $10.62 billion, a price-to-earnings ratio of -204.80 and a beta of 0.57.

Insider Activity

In related news, insider Robin Schulman sold 9,251 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $65.00, for a total value of $601,315.00. Following the completion of the sale, the insider now directly owns 121,893 shares of the company’s stock, valued at approximately $7,923,045. This represents a 7.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold 825,698 shares of company stock worth $49,549,749 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. grew its stake in GitLab by 4.7% in the second quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company’s stock valued at $5,593,000 after purchasing an additional 5,078 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of GitLab by 33.3% during the 2nd quarter. Amalgamated Bank now owns 8,005 shares of the company’s stock valued at $398,000 after buying an additional 2,001 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of GitLab in the 2nd quarter valued at approximately $206,000. Hsbc Holdings PLC acquired a new position in GitLab in the second quarter worth approximately $627,000. Finally, Sei Investments Co. raised its position in GitLab by 520.2% during the second quarter. Sei Investments Co. now owns 128,145 shares of the company’s stock valued at $6,371,000 after acquiring an additional 107,483 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other 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.