GitLab (NASDAQ:GTLB) Trading 1.8% Higher – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB)’s share price was up 1.8% on Thursday . The stock traded as high as $64.36 and last traded at $64.05. Approximately 406,682 shares changed hands during trading, a decline of 81% from the average daily volume of 2,161,358 shares. The stock had previously closed at $62.93.

Analyst Ratings Changes

GTLB has been the topic of a number of recent analyst reports. Barclays lifted their price target on shares of GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Robert W. Baird lifted their target price on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Wells Fargo & Company increased their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Mizuho raised their price objective on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Finally, Macquarie reaffirmed an “outperform” rating and set a $90.00 price target on shares of GitLab in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Up 2.1 %

The business’s 50 day simple moving average is $61.19 and its 200-day simple moving average is $54.64. The stock has a market capitalization of $10.43 billion, a price-to-earnings ratio of -200.64 and a beta of 0.57.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $13,776,642.22. This represents a 6.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the sale, the director now directly owns 58,471 shares in the company, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 725,947 shares of company stock valued at $43,246,539. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

Hedge funds have recently made changes to their positions in the company. Bank of Marin increased its stake in shares of GitLab by 3.0% in the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after buying an additional 171 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after acquiring an additional 281 shares during the last quarter. Glenmede Trust Co. NA increased its position in GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after acquiring an additional 334 shares during the period. Blue Trust Inc. raised its stake in shares of GitLab by 18.2% during the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after acquiring an additional 488 shares during the last quarter. Finally, Blair William & Co. IL grew its stake in shares of GitLab by 1.9% in the second quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock worth $2,096,000 after purchasing an additional 769 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.