GitLab (NASDAQ:GTLB) Trading 2.8% Higher – What’s Next?

Shares of GitLab Inc. (NASDAQ:GTLB) rose 2.8% on Thursday . The company traded as high as $63.26 and last traded at $62.72. Approximately 498,159 shares changed hands during trading, a decline of 81% from the average daily volume of 2,685,415 shares. The stock had previously closed at $61.00.

Analysts Set New Price Targets

GTLB has been the subject of several recent analyst reports. Royal Bank of Canada boosted their price objective on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Mizuho lifted their price objective on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. The Goldman Sachs Group upped their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Barclays lifted their price target on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Finally, Canaccord Genuity Group upped their price objective on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GitLab has an average rating of “Moderate Buy” and an average target price of $76.62.

GitLab Stock Down 1.6 %

The company’s fifty day simple moving average is $64.28 and its 200 day simple moving average is $58.27. The firm has a market capitalization of $9.74 billion, a PE ratio of -187.63 and a beta of 0.63.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $16,411,054.77. The trade was a 3.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the sale, the director now directly owns 134,733 shares in the company, valued at $7,947,899.67. This trade represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 over the last ninety days. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its holdings in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares in the last quarter. CoreCap Advisors LLC boosted its stake in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. bought a new stake in shares of GitLab in the fourth quarter worth $46,000. True Wealth Design LLC purchased a new stake in GitLab during the third quarter valued at $56,000. Finally, Raleigh Capital Management Inc. bought a new position in GitLab in the fourth quarter valued at about $66,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.