GitLab (NASDAQ:GTLB) Shares Up 2.2% – Here’s Why

GitLab Inc. (NASDAQ:GTLB) shares rose 2.2% during mid-day trading on Tuesday . The company traded as high as $64.98 and last traded at $64.43. Approximately 687,635 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 2,134,035 shares. The stock had previously closed at $63.02.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Royal Bank of Canada boosted their target price on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Piper Sandler raised their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Macquarie reiterated an “outperform” rating and set a $90.00 price target on shares of GitLab in a report on Wednesday, January 15th. DA Davidson upped their price target on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Wells Fargo & Company boosted their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Performance

The company has a market capitalization of $10.55 billion, a price-to-earnings ratio of -203.22 and a beta of 0.57. The stock’s 50-day moving average price is $61.35 and its 200-day moving average price is $54.89.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the completion of the sale, the director now owns 128,233 shares in the company, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares in the company, valued at approximately $13,776,642.22. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 816,447 shares of company stock valued at $48,948,434 in the last 90 days. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Franklin Resources Inc. raised its stake in GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after purchasing an additional 21,976 shares during the period. State Street Corp raised its position in shares of GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares during the period. Geode Capital Management LLC boosted its holdings in GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after acquiring an additional 132,548 shares during the last quarter. Fiera Capital Corp grew its position in GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after acquiring an additional 16,961 shares during the period. Finally, Bamco Inc. NY increased its stake in GitLab by 0.4% during the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after acquiring an additional 4,874 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.