GitLab (NASDAQ:GTLB) Shares Up 11.6% – Here’s What Happened

Shares of GitLab Inc. (NASDAQ:GTLB) traded up 11.6% during trading on Tuesday . The stock traded as high as $71.75 and last traded at $72.26. 2,596,658 shares traded hands during trading, an increase of 4% from the average session volume of 2,499,378 shares. The stock had previously closed at $64.76.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Royal Bank of Canada lifted their target price on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Canaccord Genuity Group boosted their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research 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 research report on Friday, December 6th. TD Cowen boosted their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Finally, KeyCorp boosted their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Down 1.4 %

The stock has a market cap of $11.26 billion, a PE ratio of -216.81 and a beta of 0.57. The firm has a fifty day moving average of $62.16 and a 200 day moving average of $55.59.

Insider Activity at GitLab

In other news, insider Robin Schulman sold 9,251 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the sale, the insider now owns 121,893 shares in the company, valued at approximately $8,532,510. This represents a 7.05 % 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, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $15,037,451.20. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 834,949 shares of company stock valued at $50,197,319 over the last quarter. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently made changes to their positions in GTLB. Future Financial Wealth Managment LLC purchased a new position in GitLab during the third quarter worth about $52,000. True Wealth Design LLC purchased a new position in GitLab during the third quarter worth about $56,000. Raleigh Capital Management Inc. purchased a new position in GitLab during the fourth quarter worth about $66,000. Rakuten Securities Inc. raised its holdings in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares in the last quarter. Finally, Quarry LP raised its holdings in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.