GitLab (NASDAQ:GTLB) Trading 1.3% Higher – What’s Next?

GitLab Inc. (NASDAQ:GTLB)’s stock price was up 1.3% on Tuesday . The stock traded as high as $72.57 and last traded at $71.66. Approximately 729,194 shares traded hands during trading, a decline of 75% from the average daily volume of 2,926,600 shares. The stock had previously closed at $70.72.

Analyst Ratings Changes

Several brokerages recently commented on GTLB. Wells Fargo & Company boosted their price target on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. KeyCorp upped their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Truist Financial reissued a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. The Goldman Sachs Group boosted their target price on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Cantor Fitzgerald upped their price objective on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Trading Up 0.8 %

The firm has a market cap of $11.57 billion, a P/E ratio of -223.12 and a beta of 0.63. The business’s fifty day simple moving average is $62.38 and its 200-day simple moving average is $55.90.

Insider Activity at GitLab

In related news, insider Robin Schulman sold 9,251 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the transaction, the insider now owns 121,893 shares of the company’s stock, valued at $8,532,510. This represents a 7.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. The trade was a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 818,283 shares of company stock valued at $49,251,690 over the last 90 days. 21.36% of the stock is owned by insiders.

Institutional Trading of GitLab

Institutional investors have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC bought a new position in shares of GitLab during the third quarter valued at approximately $52,000. True Wealth Design LLC bought a new stake in shares of GitLab during the third quarter valued at approximately $56,000. Raleigh Capital Management Inc. bought a new stake in shares of GitLab during the fourth quarter valued at approximately $66,000. Rakuten Securities Inc. increased its position in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its position in shares of GitLab by 57.8% during the fourth quarter. First Horizon Advisors Inc. now owns 1,436 shares of the company’s stock valued at $81,000 after acquiring an additional 526 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other 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.