GitLab (NASDAQ:GTLB) Shares Up 1.8% – Should You Buy?

GitLab Inc. (NASDAQ:GTLB) shares shot up 1.8% on Thursday . The company traded as high as $64.36 and last traded at $64.05. 406,682 shares were traded during mid-day trading, a decline of 81% from the average session volume of 2,161,358 shares. The stock had previously closed at $62.93.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GTLB. JPMorgan Chase & Co. boosted their price target on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Barclays boosted their price target on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Canaccord Genuity Group boosted their price target on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Piper Sandler boosted their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Cantor Fitzgerald lifted their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Down 1.8 %

The stock has a market cap of $10.23 billion, a PE ratio of -196.94 and a beta of 0.57. The business’s fifty day moving average is $61.30 and its 200 day moving average is $54.79.

Insider Buying and Selling

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 816,447 shares of company stock valued at $48,948,434. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Institutional investors and hedge funds have recently modified their holdings of the company. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the third quarter valued at approximately $52,000. True Wealth Design LLC purchased a new position in shares of GitLab during the third quarter valued at approximately $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab during the fourth quarter valued at approximately $66,000. Rakuten Securities Inc. lifted its stake in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the period. Finally, Quarry LP lifted its stake in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the period. Hedge funds and other 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.