GitLab (NASDAQ:GTLB) Trading Up 2.7% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s share price rose 2.7% on Wednesday . The company traded as high as $62.35 and last traded at $62.41. Approximately 316,370 shares traded hands during trading, a decline of 88% from the average daily volume of 2,707,407 shares. The stock had previously closed at $60.80.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Truist Financial reiterated a “buy” rating and issued a $90.00 price target (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Morgan Stanley lifted their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Royal Bank of Canada raised their price target on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. DA Davidson upped their target price on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, Canaccord Genuity Group lifted their target price on GitLab from $65.00 to $78.00 and gave the stock 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 issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Price Performance

The firm has a market cap of $10.01 billion, a PE ratio of -192.84 and a beta of 0.63. The firm has a 50-day simple moving average of $64.21 and a 200 day simple moving average of $58.25.

Insider Buying and Selling

In other news, Director Matthew Jacobson sold 547,679 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the sale, the director now owns 58,471 shares in the company, valued at $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now directly owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock valued at $44,710,867 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning purchased a new stake in GitLab in the 3rd quarter valued at about $208,000. Mirae Asset Global Investments Co. Ltd. boosted its position in GitLab by 22.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,000 shares of the company’s stock valued at $568,000 after acquiring an additional 2,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of GitLab by 35.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 91,164 shares of the company’s stock worth $4,699,000 after acquiring an additional 23,690 shares in the last quarter. Pallas Capital Advisors LLC purchased a new stake in shares of GitLab during the third quarter valued at about $1,105,000. Finally, Smith Group Asset Management LLC acquired a new stake in GitLab in the third quarter valued at approximately $513,000. 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.