GitLab (NASDAQ:GTLB) Trading Up 1.1% – Time to Buy?

GitLab Inc. (NASDAQ:GTLB) was up 1.1% during trading on Wednesday . The company traded as high as $72.70 and last traded at $72.25. Approximately 506,195 shares traded hands during trading, a decline of 82% from the average daily volume of 2,891,291 shares. The stock had previously closed at $71.44.

Analysts Set New Price Targets

Several research firms have recently weighed in on GTLB. 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. Cantor Fitzgerald upped their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Mizuho increased their target price on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Canaccord Genuity Group lifted their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, KeyCorp increased their price target on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three research 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Price Performance

The stock has a market cap of $11.45 billion, a PE ratio of -220.47 and a beta of 0.63. The stock’s fifty day moving average is $62.90 and its 200-day moving average is $56.37.

Insider Activity

In other GitLab news, insider Robin Schulman sold 2,996 shares of the stock in a transaction dated Friday, December 20th. The shares were 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 owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold a total of 828,283 shares of company stock valued at $49,959,990 in the last 90 days. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd purchased a new position in shares of GitLab during the third quarter worth $678,000. State Street Corp boosted its holdings in GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares during the period. Barclays PLC grew its position in GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after acquiring an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new stake in GitLab during the third quarter worth about $6,865,000. Finally, Jackson Square Capital LLC lifted its position in shares of GitLab by 328.1% during the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock worth $2,062,000 after purchasing an additional 28,050 shares in the last quarter. Institutional investors and hedge funds 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.