GitLab (NASDAQ:GTLB) Shares Up 2.2% – Time to Buy?

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

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Barclays raised their price target on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. KeyCorp raised their target price on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, January 7th. Scotiabank increased their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. boosted their price target on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three 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 company. According to data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Up 0.4 %

The firm’s 50-day moving average price is $61.51 and its two-hundred day moving average price is $55.04. The stock has a market cap of $10.38 billion, a PE ratio of -199.81 and a beta of 0.57.

Insider Buying and Selling at GitLab

In related news, CFO Brian G. Robins sold 16,666 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares in the company, valued at $13,776,642.22. The trade was a 6.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the sale, the director now owns 137,983 shares of the company’s stock, valued at approximately $8,197,570.03. This trade represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 825,698 shares of company stock valued at $49,549,749. 21.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC purchased a new stake in shares of GitLab during the third quarter worth about $30,827,000. Atreides Management LP acquired a new stake in GitLab in the 3rd quarter worth approximately $25,605,000. Thrivent Financial for Lutherans grew its position in GitLab by 128.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after purchasing an additional 312,119 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in GitLab by 6,821.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock valued at $15,340,000 after purchasing an additional 293,332 shares in the last quarter. Finally, ARK Investment Management LLC purchased a new position in shares of GitLab in the third quarter worth $13,435,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.