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

Shares of GitLab Inc. (NASDAQ:GTLB) gapped up before the market opened on Friday . The stock had previously closed at $69.38, but opened at $71.81. GitLab shares last traded at $72.27, with a volume of 447,888 shares.

Analyst Upgrades and Downgrades

Several analysts recently commented on GTLB shares. The Goldman Sachs Group lifted their target price on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Macquarie reaffirmed an “outperform” rating and set a $90.00 target price on shares of GitLab in a report on Wednesday, January 15th. DA Davidson lifted their target price on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. TD Cowen boosted their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Finally, Canaccord Genuity Group boosted their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Three investment 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

GitLab Price Performance

The company has a market cap of $11.91 billion, a PE ratio of -229.32 and a beta of 0.57. The company’s fifty day moving average price is $62.25 and its 200 day moving average price is $55.69.

Insider Activity

In related news, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of GitLab 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 completion of 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 818,283 shares of company stock worth $49,251,690. 21.36% of the stock is owned by company insiders.

Institutional Trading of GitLab

Several large investors have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP boosted its holdings in shares of GitLab by 97.5% during the 4th quarter. Capital Performance Advisors LLP now owns 3,667 shares of the company’s stock valued at $207,000 after buying an additional 1,810 shares in the last quarter. Principal Securities Inc. boosted its holdings in shares of GitLab by 79.6% during the 4th quarter. Principal Securities Inc. now owns 5,373 shares of the company’s stock valued at $303,000 after buying an additional 2,381 shares in the last quarter. Palumbo Wealth Management LLC boosted its holdings in shares of GitLab by 26.9% during the 4th quarter. Palumbo Wealth Management LLC now owns 5,761 shares of the company’s stock valued at $325,000 after buying an additional 1,222 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of GitLab by 5.5% during the 4th quarter. Rhumbline Advisers now owns 150,312 shares of the company’s stock valued at $8,470,000 after buying an additional 7,837 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of GitLab by 60.9% during the 4th quarter. Blue Trust Inc. now owns 5,095 shares of the company’s stock valued at $287,000 after buying an additional 1,929 shares in the last quarter. 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.