GitLab (NASDAQ:GTLB) Trading 1.1% Higher – Should You Buy?

GitLab Inc. (NASDAQ:GTLB)’s share price was up 1.1% during trading on Wednesday . The company traded as high as $72.70 and last traded at $72.25. Approximately 506,195 shares changed hands during trading, a decline of 82% from the average daily volume of 2,891,291 shares. The stock had previously closed at $71.44.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GTLB shares. DA Davidson upped their target price on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Mizuho upped their price objective on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. KeyCorp raised their target price on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Morgan Stanley upped their price target on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Finally, Cantor Fitzgerald lifted their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Performance

The stock has a market cap of $11.93 billion, a P/E ratio of -229.80 and a beta of 0.63. The firm’s fifty day simple moving average is $62.56 and its 200-day simple moving average is $56.15.

Insider Buying and Selling

In other news, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 818,283 shares of company stock valued at $49,251,690 over the last quarter. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP acquired a new stake in GitLab in the second quarter valued at approximately $613,000. The Manufacturers Life Insurance Company lifted its holdings in shares of GitLab by 11.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,960 shares of the company’s stock worth $1,390,000 after purchasing an additional 2,783 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in GitLab in the 2nd quarter valued at $199,000. SG Americas Securities LLC bought a new stake in GitLab during the 3rd quarter valued at $119,000. Finally, Park Avenue Securities LLC raised its holdings in GitLab by 21.6% during the third quarter. Park Avenue Securities LLC now owns 4,995 shares of the company’s stock worth $257,000 after buying an additional 887 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.