GitLab (NASDAQ:GTLB) Shares Up 2.5% – Still a Buy?

GitLab Inc. (NASDAQ:GTLB) shares were up 2.5% on Wednesday . The stock traded as high as $63.67 and last traded at $62.73. Approximately 882,470 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 2,096,968 shares. The stock had previously closed at $61.22.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Piper Sandler upped their target price on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Cantor Fitzgerald increased their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Truist Financial restated a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Royal Bank of Canada raised their price target on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Finally, KeyCorp boosted their price objective on GitLab from $74.00 to $80.00 and gave the stock 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Down 1.8 %

The company has a market capitalization of $10.23 billion, a P/E ratio of -196.94 and a beta of 0.57. The business has a fifty day moving average price of $61.25 and a 200 day moving average price of $54.71.

Insider Buying and Selling at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 816,447 shares of company stock worth $48,948,434. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently modified their holdings of the company. Oppenheimer Asset Management Inc. increased its holdings 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 purchasing an additional 5,786 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in GitLab by 4.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company’s stock worth $5,593,000 after acquiring an additional 5,078 shares during the period. Amalgamated Bank raised its stake in GitLab by 33.3% in the second quarter. Amalgamated Bank now owns 8,005 shares of the company’s stock valued at $398,000 after purchasing an additional 2,001 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in GitLab in the second quarter valued at approximately $206,000. Finally, Blair William & Co. IL raised its holdings in shares of GitLab by 1.9% during the 2nd quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock worth $2,096,000 after buying an additional 769 shares in 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.