GitLab (NASDAQ:GTLB) Trading 1.3% Higher – What’s Next?

GitLab Inc. (NASDAQ:GTLB)’s stock price traded up 1.3% on Tuesday . The stock traded as high as $72.57 and last traded at $71.66. 729,194 shares traded hands during trading, a decline of 75% from the average session volume of 2,926,600 shares. The stock had previously closed at $70.72.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Robert W. Baird lifted their target price on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Macquarie reissued an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research note on Wednesday, January 15th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of GitLab in a research note on Tuesday, January 7th. TD Cowen lifted their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Finally, DA Davidson lifted their price target on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating 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 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 price target of $76.42.

GitLab Stock Up 0.8 %

The company has a fifty day moving average price of $62.38 and a two-hundred day moving average price of $55.90. The firm has a market capitalization of $11.57 billion, a price-to-earnings ratio of -223.12 and a beta of 0.63.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $59.41, for a total transaction of $193,082.50. Following the sale, the director now owns 137,983 shares of the company’s stock, valued at $8,197,570.03. This trade represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold 818,283 shares of company stock worth $49,251,690 over the last 90 days. 21.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently modified their holdings of the stock. Marshall Wace LLP acquired a new position in shares of GitLab in the 2nd quarter worth approximately $613,000. The Manufacturers Life Insurance Company raised its position in shares of GitLab by 11.1% during the second quarter. The Manufacturers Life Insurance Company now owns 27,960 shares of the company’s stock worth $1,390,000 after purchasing an additional 2,783 shares during the period. Sanctuary Advisors LLC acquired a new position in GitLab during the second quarter valued at $199,000. SG Americas Securities LLC acquired a new position in GitLab during the third quarter valued at $119,000. Finally, Park Avenue Securities LLC grew its stake in GitLab by 21.6% in the third quarter. Park Avenue Securities LLC now owns 4,995 shares of the company’s stock valued at $257,000 after purchasing an additional 887 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other 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.