GitLab (NASDAQ:GTLB) Shares Up 11.6% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB) shares shot up 11.6% during trading on Tuesday . The stock traded as high as $71.75 and last traded at $72.26. 2,596,658 shares traded hands during trading, an increase of 4% from the average session volume of 2,499,378 shares. The stock had previously closed at $64.76.

Analysts Set New Price Targets

Several brokerages have recently commented on GTLB. KeyCorp increased their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. DA Davidson increased their price objective on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Barclays increased their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of GitLab in a report on Tuesday, January 7th. Finally, Canaccord Genuity Group upped their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Trading Down 1.4 %

The stock has a market capitalization of $11.26 billion, a price-to-earnings ratio of -216.81 and a beta of 0.57. The stock has a 50-day moving average price of $62.16 and a 200 day moving average price of $55.59.

Insider Activity

In related news, insider Sytse Sijbrandij sold 84,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the transaction, the insider now directly owns 121,893 shares in the company, valued at $8,532,510. This represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 834,949 shares of company stock worth $50,197,319 in the last ninety days. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Los Angeles Capital Management LLC purchased a new position in GitLab in the 3rd quarter worth approximately $30,827,000. Atreides Management LP purchased a new position in GitLab in the 3rd quarter worth approximately $25,605,000. Thrivent Financial for Lutherans lifted its stake in GitLab by 128.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after purchasing an additional 312,119 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in GitLab by 6,821.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after purchasing an additional 293,332 shares in the last quarter. Finally, ARK Investment Management LLC purchased a new position in GitLab in the 3rd quarter worth approximately $13,435,000. 95.04% of the stock is 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.