GitLab (NASDAQ:GTLB) Trading Up 0.4% – Time to Buy?

GitLab Inc. (NASDAQ:GTLB)’s stock price rose 0.4% during mid-day trading on Wednesday . The stock traded as high as $68.61 and last traded at $68.77. Approximately 411,417 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 2,779,686 shares. The stock had previously closed at $68.50.

Analyst Upgrades and Downgrades

Several brokerages have commented on GTLB. The Goldman Sachs Group raised their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Scotiabank boosted their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC restated a “buy” rating and set a $85.00 price target on shares of GitLab in a report on Tuesday, January 7th. TD Cowen upped their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Finally, Mizuho increased their price objective on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Three 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Performance

The business’s fifty day simple moving average is $63.30 and its 200-day simple moving average is $56.77. The firm has a market capitalization of $11.46 billion, a PE ratio of -219.95 and a beta of 0.63.

Insider Buying and Selling at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the sale, the insider now directly owns 121,893 shares in the company, valued at approximately $8,532,510. The trade was a 7.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 828,283 shares of company stock worth $49,959,990. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GTLB. M&T Bank Corp raised its position in GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after purchasing an additional 148 shares during the period. Wilmington Savings Fund Society FSB lifted its position in GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after buying an additional 150 shares during the last quarter. Bank of Marin boosted its stake in GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after buying an additional 171 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in GitLab by 0.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after acquiring an additional 281 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of GitLab by 17.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock valued at $128,000 after acquiring an additional 328 shares during the period. 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.