GitLab (NASDAQ:GTLB) Trading 1.1% Higher – What’s Next?

Shares of GitLab Inc. (NASDAQ:GTLB) traded up 1.1% during trading on Wednesday . The stock traded as high as $72.70 and last traded at $72.25. 506,195 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 2,891,291 shares. The stock had previously closed at $71.44.

Analysts Set New Price Targets

GTLB has been the subject of a number of research reports. JPMorgan Chase & Co. upped their target price 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. Barclays lifted their target price on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. DA Davidson increased their price target on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. TD Cowen lifted their price objective on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Three investment 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Down 1.3 %

The firm has a 50 day moving average price of $62.90 and a 200 day moving average price of $56.37. The stock has a market cap of $11.45 billion, a PE ratio of -220.47 and a beta of 0.63.

Insider Buying and Selling at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $59.41, for a total value of $193,082.50. Following the sale, the director now owns 137,983 shares of the company’s stock, valued at approximately $8,197,570.03. This represents a 2.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 828,283 shares of company stock valued at $49,959,990. 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. HighTower Advisors LLC purchased a new stake in shares of GitLab during the fourth quarter worth about $289,000. Clare Market Investments LLC purchased a new stake in shares of GitLab in the 4th quarter valued at $218,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of GitLab by 9.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,980 shares of the company’s stock worth $1,577,000 after acquiring an additional 2,426 shares during the period. Amundi raised its holdings in shares of GitLab by 613.0% during the fourth quarter. Amundi now owns 616,806 shares of the company’s stock worth $38,020,000 after purchasing an additional 530,297 shares during the last quarter. Finally, Intellectus Partners LLC acquired a new position in GitLab during the fourth quarter valued at $200,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.