GitLab (NASDAQ:GTLB) Stock Price Up 0.6% – Still a Buy?

GitLab Inc. (NASDAQ:GTLB)’s share price rose 0.6% during mid-day trading on Tuesday . The company traded as high as $51.64 and last traded at $51.31. Approximately 583,939 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 2,992,621 shares. The stock had previously closed at $50.99.

Wall Street Analysts Forecast Growth

GTLB has been the topic of a number of recent research reports. Macquarie reissued an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Mizuho dropped their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 4th. JPMorgan Chase & Co. dropped their target price on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, 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 report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $75.38.

GitLab Stock Down 5.3 %

The stock has a market capitalization of $8.11 billion, a PE ratio of -156.19 and a beta of 0.67. The firm has a 50 day moving average price of $64.04 and a 200 day moving average price of $59.10.

Insider Buying and Selling

In other GitLab news, insider Robin Schulman sold 2,996 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 730,257 shares of company stock worth $44,034,967 over the last ninety days. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of GitLab during the fourth quarter valued at about $279,089,000. Ameriprise Financial Inc. raised its stake in GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after buying an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. grew its holdings in GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after purchasing an additional 1,420,248 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in GitLab by 572.3% in the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock worth $61,654,000 after purchasing an additional 931,396 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

About GitLab

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.