GitLab (NASDAQ:GTLB) Stock Price Up 1.3% – Here’s Why

GitLab Inc. (NASDAQ:GTLB) shares rose 1.3% during mid-day trading on Tuesday . The company traded as high as $72.57 and last traded at $71.66. Approximately 729,194 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 2,926,600 shares. The stock had previously closed at $70.72.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GTLB. The Goldman Sachs Group boosted their price target on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Macquarie reiterated an “outperform” rating and issued a $90.00 target price on shares of GitLab in a report on Wednesday, January 15th. Scotiabank raised their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. upped their price objective on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Truist Financial reissued a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Down 2.3 %

The stock has a market cap of $11.60 billion, a PE ratio of -223.28 and a beta of 0.63. The firm has a fifty day moving average of $62.75 and a 200 day moving average of $56.27.

Insider Activity

In related news, insider Robin Schulman sold 2,996 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction 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 approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 828,283 shares of company stock worth $49,959,990. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GTLB. M&T Bank Corp boosted its holdings in shares of GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after acquiring an additional 148 shares during the period. Wilmington Savings Fund Society FSB boosted its stake in GitLab by 7.9% during the 4th 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 period. Bank of Marin boosted its stake in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after purchasing an additional 171 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after purchasing an additional 281 shares during the last quarter. Finally, Glenmede Trust Co. NA increased its stake in GitLab by 3.0% in the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after purchasing an additional 334 shares during the period. Hedge funds and other institutional investors 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.