GitLab (NASDAQ:GTLB) Stock Price Up 0.7% – Here’s What Happened

Shares of GitLab Inc. (NASDAQ:GTLB) were up 0.7% during mid-day trading on Friday . The stock traded as high as $65.03 and last traded at $64.38. Approximately 558,309 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 2,235,290 shares. The stock had previously closed at $63.94.

Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of recent analyst reports. TD Cowen increased their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Robert W. Baird lifted their target price on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. KeyCorp boosted their price target on 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 set a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. Finally, Macquarie reiterated an “outperform” rating and set a $90.00 target price on shares of GitLab in a research report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Price Performance

The firm has a market capitalization of $10.52 billion, a PE ratio of -202.47 and a beta of 0.57. The firm’s fifty day moving average is $61.66 and its two-hundred day moving average is $55.18.

Insider Transactions at GitLab

In other GitLab news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value 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 $3,491,888.12. This trade represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 825,698 shares of company stock worth $49,549,749 in the last 90 days. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of GTLB. Bank of Marin lifted its stake in GitLab by 3.0% in the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after purchasing an additional 171 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after buying an additional 281 shares during the last quarter. Glenmede Trust Co. NA lifted its position in shares of GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after buying an additional 334 shares during the last quarter. Blue Trust Inc. increased its holdings in GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after acquiring an additional 488 shares during the last quarter. Finally, Park Avenue Securities LLC raised its stake in GitLab by 21.6% in the 3rd quarter. Park Avenue Securities LLC now owns 4,995 shares of the company’s stock valued at $257,000 after acquiring an additional 887 shares during the period. 95.04% of the stock is owned by institutional investors.

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.