GitLab (NASDAQ:GTLB) Trading 3.5% Higher – Still a Buy?

GitLab Inc. (NASDAQ:GTLB) rose 3.5% during 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.

Wall Street Analysts Forecast Growth

GTLB has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Truist Financial reissued a “buy” rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Morgan Stanley lifted their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Barclays increased their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Finally, Canaccord Genuity Group boosted their target price on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Performance

The stock has a market capitalization of $11.61 billion, a PE ratio of -223.59 and a beta of 0.63. The business’s 50-day moving average is $63.49 and its two-hundred day moving average is $57.28.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $58.99, for a total value of $191,717.50. Following the transaction, the director now directly owns 134,733 shares in the company, valued at $7,947,899.67. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 740,257 shares of company stock worth $44,710,867. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently made changes to their positions in the stock. M&T Bank Corp grew 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 worth $280,000 after buying an additional 148 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after purchasing an additional 150 shares during the last quarter. OneDigital Investment Advisors LLC raised its stake in shares of GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after buying an additional 166 shares during the last quarter. Bank of Marin lifted its holdings in shares of GitLab by 3.0% in the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after purchasing an additional 171 shares in the last quarter. Finally, Utah Retirement Systems grew its position in shares of GitLab by 3.1% in the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other 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.