GitLab (NASDAQ:GTLB) Stock Price Up 2.2% – What’s Next?

GitLab Inc. (NASDAQ:GTLB) rose 2.2% during trading on Tuesday . The stock traded as high as $64.98 and last traded at $64.43. Approximately 687,635 shares changed hands during trading, a decline of 68% from the average daily volume of 2,134,035 shares. The stock had previously closed at $63.02.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several research analyst reports. Robert W. Baird upped their price objective on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. KeyCorp increased their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Piper Sandler lifted their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. raised their price target on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Up 0.4 %

The company’s fifty day simple moving average is $61.51 and its 200 day simple moving average is $55.04. The firm has a market capitalization of $10.38 billion, a P/E ratio of -199.81 and a beta of 0.57.

Insider Buying and Selling

In other news, Director Karen Blasing sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the sale, the director now directly owns 128,233 shares of the company’s stock, valued at $8,103,043.27. The trade was a 4.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $65.00, for a total value of $601,315.00. Following the completion of the sale, the insider now directly owns 121,893 shares in the company, valued at $7,923,045. This trade represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 825,698 shares of company stock valued at $49,549,749 over the last three months. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. increased its stake in GitLab by 4.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company’s stock valued at $5,593,000 after purchasing an additional 5,078 shares in the last quarter. Amalgamated Bank grew its holdings in shares of GitLab by 33.3% during the second quarter. Amalgamated Bank now owns 8,005 shares of the company’s stock valued at $398,000 after buying an additional 2,001 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of GitLab during the second quarter valued at approximately $206,000. Hsbc Holdings PLC purchased a new position in GitLab in the 2nd quarter worth approximately $627,000. Finally, Sei Investments Co. lifted its position in GitLab by 520.2% in the 2nd quarter. Sei Investments Co. now owns 128,145 shares of the company’s stock valued at $6,371,000 after acquiring an additional 107,483 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

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.