GitLab (NASDAQ:GTLB) Trading 3% Higher – What’s Next?

GitLab Inc. (NASDAQ:GTLB)’s stock price shot up 3% during mid-day trading on Tuesday . The company traded as high as $59.46 and last traded at $59.08. 411,112 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 1,940,122 shares. The stock had previously closed at $57.37.

Analysts Set New Price Targets

Several research firms recently commented on GTLB. Royal Bank of Canada raised their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Morgan Stanley raised their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. The Goldman Sachs Group boosted their target price on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Macquarie restated an “outperform” rating and issued a $90.00 price target on shares of GitLab in a report on Wednesday. Finally, Piper Sandler upped their price objective on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Trading Up 2.0 %

The firm has a market capitalization of $10.42 billion, a P/E ratio of -200.63 and a beta of 0.57. The stock’s 50-day simple moving average is $61.25 and its 200-day simple moving average is $54.71.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares in the company, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $59.41, for a total value of $193,082.50. Following the sale, the director now directly owns 137,983 shares of the company’s stock, valued at approximately $8,197,570.03. This represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 816,447 shares of company stock valued at $48,948,434 over the last three months. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Daiwa Securities Group Inc. bought a new stake in shares of GitLab in the 2nd quarter worth approximately $209,000. Oppenheimer Asset Management Inc. raised its stake in shares of GitLab by 37.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 21,235 shares of the company’s stock valued at $1,056,000 after buying an additional 5,786 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of GitLab by 4.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company’s stock valued at $5,593,000 after buying an additional 5,078 shares during the last quarter. Citizens Financial Group Inc. RI bought a new position in shares of GitLab during the 2nd quarter worth $902,000. Finally, Renaissance Technologies LLC increased its holdings in GitLab by 168.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after acquiring an additional 747,712 shares during 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.