GitLab (NASDAQ:GTLB) Trading Up 3.5% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s share price rose 3.5% during mid-day trading on Tuesday . The stock traded as high as $70.57 and last traded at $70.21. Approximately 676,756 shares traded hands during trading, a decline of 75% from the average daily volume of 2,747,699 shares. The stock had previously closed at $67.83.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Macquarie reiterated an “outperform” rating and set a $90.00 target price on shares of GitLab in a research report on Wednesday, January 15th. Royal Bank of Canada boosted their price objective on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Wells Fargo & Company upped their target price on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Morgan Stanley lifted their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Stock Performance

The company has a 50-day moving average price of $63.87 and a 200-day moving average price of $57.54. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of -210.78 and a beta of 0.63.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $67.59, for a total value of $675,900.00. Following the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares in the company, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its position in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares during the last quarter. CoreCap Advisors LLC grew its position in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in shares of GitLab in the 4th quarter worth $46,000. True Wealth Design LLC acquired a new stake in GitLab during the 3rd quarter worth about $56,000. Finally, Raleigh Capital Management Inc. acquired a new stake in shares of GitLab during the fourth quarter valued at approximately $66,000. Institutional investors own 95.04% of the company’s stock.

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.