GitLab (NASDAQ:GTLB) Shares Up 1.8% – Still a Buy?

Shares of GitLab Inc. (NASDAQ:GTLB) rose 1.8% during trading on Thursday . The stock traded as high as $64.36 and last traded at $64.05. Approximately 406,682 shares changed hands during trading, a decline of 81% from the average daily volume of 2,161,358 shares. The stock had previously closed at $62.93.

Analyst Ratings Changes

GTLB has been the subject of several research analyst reports. Canaccord Genuity Group upped their price target on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Cantor Fitzgerald upped their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price target on shares of GitLab in a research report on Tuesday, January 7th. Robert W. Baird upped their price target 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. Finally, TD Cowen increased their price objective on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Trading Down 1.8 %

The stock’s 50-day moving average price is $61.30 and its 200-day moving average price is $54.79. The company has a market capitalization of $10.23 billion, a P/E ratio of -196.94 and a beta of 0.57.

Insider Transactions at GitLab

In other news, Director Karen Blasing sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total value of $410,735.00. Following the transaction, the director now directly owns 128,233 shares in the company, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 816,447 shares of company stock worth $48,948,434. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

A number of large investors have recently modified their holdings of the company. Veracity Capital LLC acquired a new stake in shares of GitLab in the 4th quarter worth about $464,000. Whalen Wealth Management Inc. acquired a new stake in shares of GitLab in the 4th quarter worth about $305,000. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab in the 4th quarter worth about $66,000. Janney Montgomery Scott LLC increased its holdings in shares of GitLab by 11.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 40,446 shares of the company’s stock worth $2,279,000 after acquiring an additional 3,995 shares during the period. Finally, SG Americas Securities LLC increased its stake in GitLab by 594.9% during the 4th quarter. SG Americas Securities LLC now owns 16,074 shares of the company’s stock valued at $906,000 after buying an additional 13,761 shares during the period. Institutional investors and hedge funds 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.