GitLab (NASDAQ:GTLB) Shares Up 1.3% – What’s Next?

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Scotiabank boosted their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Truist Financial reissued a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Cantor Fitzgerald lifted their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. JPMorgan Chase & Co. boosted their target price on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada raised their price target on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Three equities research 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, the company currently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Performance

The stock’s fifty day simple moving average is $62.75 and its 200-day simple moving average is $56.27. The company has a market capitalization of $11.60 billion, a PE ratio of -223.28 and a beta of 0.63.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the transaction, the director now owns 137,983 shares in the company, valued at approximately $8,197,570.03. This trade represents a 2.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 828,283 shares of company stock worth $49,959,990. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab in the 3rd quarter valued at about $52,000. True Wealth Design LLC purchased a new position in GitLab in the third quarter valued at approximately $56,000. Raleigh Capital Management Inc. acquired a new position in GitLab during the fourth quarter valued at approximately $66,000. Smartleaf Asset Management LLC grew its stake 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 buying an additional 1,153 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its position in shares of GitLab by 4,273.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock worth $74,000 after acquiring an additional 1,282 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.