GitLab (NASDAQ:GTLB) Stock Price Up 0.7% – Time to Buy?

Shares of GitLab Inc. (NASDAQ:GTLB) were up 0.7% on Tuesday . The company traded as high as $59.45 and last traded at $56.67. Approximately 3,442,488 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 2,854,645 shares. The stock had previously closed at $56.25.

Analyst Ratings Changes

Several equities analysts have commented on GTLB shares. TD Cowen increased their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of GitLab in a report on Tuesday. Morgan Stanley raised their price target on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday. Finally, KeyCorp increased their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $75.38.

GitLab Stock Up 11.6 %

The company has a market capitalization of $10.19 billion, a P/E ratio of -196.25 and a beta of 0.63. The business has a fifty day moving average price of $64.30 and a 200 day moving average price of $58.69.

Insider Buying and Selling at GitLab

In other GitLab news, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the sale, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 740,257 shares of company stock worth $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning bought a new position in GitLab in the third quarter valued at approximately $208,000. US Bancorp DE boosted its holdings in shares of GitLab by 18.6% in the 3rd quarter. US Bancorp DE now owns 11,553 shares of the company’s stock valued at $595,000 after buying an additional 1,808 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of GitLab by 4.0% in the third quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock valued at $1,879,000 after buying an additional 1,388 shares in the last quarter. NorthRock Partners LLC acquired a new position in GitLab during the third quarter worth $252,000. Finally, M&G PLC raised its position in GitLab by 2.9% during the third quarter. M&G PLC now owns 211,361 shares of the company’s stock worth $10,991,000 after acquiring an additional 6,039 shares in 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.