GitLab (NASDAQ:GTLB) Shares Up 0.6% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB)’s stock price rose 0.6% during mid-day trading on Tuesday . The stock traded as high as $51.64 and last traded at $51.31. Approximately 583,939 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 2,992,621 shares. The stock had previously closed at $50.99.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Robert W. Baird reduced their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. The Goldman Sachs Group boosted their price objective on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Barclays dropped their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and set a $85.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Finally, Wells Fargo & Company upped their price target on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.38.

GitLab Price Performance

The stock has a market cap of $8.43 billion, a price-to-earnings ratio of -162.26 and a beta of 0.67. The firm’s 50-day moving average is $64.20 and its 200 day moving average is $59.11.

Insider Buying and Selling

In related news, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the completion of the sale, the director now owns 134,733 shares of the company’s stock, valued at approximately $7,947,899.67. This represents a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 730,257 shares of company stock valued at $44,034,967. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of GitLab in the fourth quarter valued at about $279,089,000. Ameriprise Financial Inc. raised its stake in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after purchasing an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership lifted its position in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of GitLab by 4,042.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after purchasing an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in GitLab by 572.3% during the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock valued at $61,654,000 after purchasing an additional 931,396 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.