GitLab (NASDAQ:GTLB) Stock Price Up 1.8% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB)’s stock price traded up 1.8% on Monday . The company traded as high as $67.55 and last traded at $65.97. 1,456,358 shares were traded during trading, a decline of 36% from the average session volume of 2,291,596 shares. The stock had previously closed at $64.79.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on GTLB shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, January 7th. Barclays upped their target price on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. TD Cowen increased their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Scotiabank upped their target price on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley increased their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Stock Up 1.0 %

The company has a market capitalization of $10.62 billion, a price-to-earnings ratio of -204.80 and a beta of 0.57. The firm has a 50 day moving average price of $61.66 and a two-hundred day moving average price of $55.25.

Insider Buying and Selling at GitLab

In related news, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents 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, 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. Insiders have sold a total of 825,698 shares of company stock valued at $49,549,749 in the last three months. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors have recently added to or reduced their stakes in the business. SYM FINANCIAL Corp acquired a new position in shares of GitLab in the 4th quarter valued at about $201,000. Oak Harvest Investment Services acquired a new position in GitLab in the fourth quarter valued at approximately $1,737,000. Baader Bank Aktiengesellschaft bought a new position in shares of GitLab during the fourth quarter valued at approximately $963,000. Swedbank AB acquired a new stake in shares of GitLab during the 4th quarter worth approximately $9,580,000. Finally, Smith Group Asset Management LLC lifted its holdings in shares of GitLab by 70.9% in the 4th quarter. Smith Group Asset Management LLC now owns 17,020 shares of the company’s stock worth $959,000 after purchasing an additional 7,060 shares during the last quarter. Institutional investors 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.