GitLab (NASDAQ:GTLB) Trading Up 0.6% – Should You Buy?

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

Analysts Set New Price Targets

GTLB has been the topic of a number of research analyst reports. Barclays dropped their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. KeyCorp increased their price objective 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. Scotiabank increased their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Truist Financial reissued a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Finally, Morgan Stanley upped their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $75.38.

GitLab Trading Up 1.8 %

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

Insider Activity at GitLab

In related news, insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the sale, the insider now owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. The trade was a 7.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 730,257 shares of company stock valued at $44,034,967 over the last 90 days. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Hedge funds and other institutional investors have recently made changes to their positions in the stock. M&T Bank Corp grew its holdings in shares of GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after purchasing an additional 148 shares during the period. Wilmington Savings Fund Society FSB lifted its position in shares of GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after purchasing an additional 150 shares during the last quarter. OneDigital Investment Advisors LLC raised its position in shares of GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after acquiring an additional 166 shares in the last quarter. Bank of Marin lifted its position in shares of GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after buying an additional 171 shares during the last quarter. Finally, Utah Retirement Systems increased its position in shares of GitLab by 3.1% during the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock worth $372,000 after purchasing an additional 200 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.