GitLab (NASDAQ:GTLB) Trading Up 2.8% – Time to Buy?

GitLab Inc. (NASDAQ:GTLB)’s stock price shot up 2.8% during trading on Thursday . The company traded as high as $63.26 and last traded at $62.72. 498,159 shares changed hands during trading, a decline of 81% from the average session volume of 2,685,415 shares. The stock had previously closed at $61.00.

Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of recent research reports. Macquarie reissued an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a report on Wednesday, January 15th. DA Davidson increased their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. lifted 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. Mizuho increased their target price on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Finally, The Goldman Sachs Group boosted their price target on GitLab from $80.00 to $88.00 and gave the company 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 assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $76.62.

GitLab Stock Down 1.6 %

The stock has a market capitalization of $9.74 billion, a price-to-earnings ratio of -187.63 and a beta of 0.63. The company has a 50 day simple moving average of $64.28 and a 200-day simple moving average of $58.27.

Insider Activity at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock worth $44,710,867 in the last quarter. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after acquiring an additional 885,955 shares in the last quarter. Norges Bank purchased a new stake in shares of GitLab in the fourth quarter worth approximately $279,089,000. Artisan Partners Limited Partnership lifted its stake in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. increased its stake in GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after buying an additional 470,192 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after buying an additional 1,583,221 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.