GitLab (NASDAQ:GTLB) Stock Price Up 1.9% – What’s Next?

GitLab Inc. (NASDAQ:GTLB)’s stock price was up 1.9% during mid-day trading on Monday . The stock traded as high as $72.70 and last traded at $71.87. Approximately 651,059 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 2,838,600 shares. The stock had previously closed at $70.55.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GTLB shares. Macquarie reiterated an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a report on Wednesday, January 15th. DA Davidson raised their price target on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Scotiabank raised their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, Truist Financial reiterated a “buy” rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Trading Up 1.9 %

The firm has a fifty day moving average of $63.30 and a 200 day moving average of $56.77. The company has a market capitalization of $11.33 billion, a P/E ratio of -218.09 and a beta of 0.63.

Insider Buying and Selling at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $59.41, for a total transaction of $193,082.50. Following the transaction, the director now directly owns 137,983 shares of the company’s stock, valued at $8,197,570.03. This represents a 2.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 828,283 shares of company stock valued at $49,959,990. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC increased its stake in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares during the period. IMG Wealth Management Inc. purchased a new position in GitLab during the 4th quarter worth $46,000. True Wealth Design LLC acquired a new stake in GitLab during the 3rd quarter worth approximately $56,000. Raleigh Capital Management Inc. purchased a new position in GitLab in the 4th quarter valued at $66,000. Finally, Smartleaf Asset Management LLC raised its holdings in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.