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

GitLab Inc. (NASDAQ:GTLB)’s share price rose 2.2% on Tuesday . The company 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

Several analysts recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Macquarie restated an “outperform” rating and issued a $90.00 target price on shares of GitLab in a report on Wednesday, January 15th. Robert W. Baird raised their price objective on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Scotiabank upped their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Finally, TD Cowen lifted their price objective on GitLab from $63.00 to $70.00 and gave the company 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 assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Trading Up 3.1 %

The company has a market capitalization of $10.55 billion, a P/E ratio of -203.22 and a beta of 0.57. The business’s fifty day moving average price is $61.35 and its 200-day moving average price is $54.89.

Insider Activity

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab 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. Over the last 90 days, insiders sold 816,447 shares of company stock valued at $48,948,434. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Future Financial Wealth Managment LLC purchased a new position in GitLab during the 3rd quarter valued at about $52,000. True Wealth Design LLC acquired a new stake in GitLab during the 3rd quarter valued at approximately $56,000. Raleigh Capital Management Inc. acquired a new position in shares of GitLab in the 4th quarter valued at about $66,000. Rakuten Securities Inc. lifted its stake in shares of GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares during the period. Finally, Quarry LP raised its holdings in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares during the period. 95.04% of the stock is currently owned by institutional investors.

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.