GitLab (NASDAQ:GTLB) Stock Price Up 0.7% – Should You Buy?

GitLab Inc. (NASDAQ:GTLB)’s share price was up 0.7% on Friday . The company traded as high as $65.03 and last traded at $64.38. Approximately 558,309 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 2,235,290 shares. The stock had previously closed at $63.94.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GTLB shares. Cantor Fitzgerald increased their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. The Goldman Sachs Group increased their price objective on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Barclays lifted their target price on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Royal Bank of Canada increased their price target on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, Macquarie reaffirmed an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research note on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Performance

The firm has a 50-day moving average of $61.66 and a 200-day moving average of $55.18. The firm has a market capitalization of $10.52 billion, a P/E ratio of -202.47 and a beta of 0.57.

Insider Buying and Selling

In other GitLab news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % 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, 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 transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, 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 have sold a total of 825,698 shares of company stock valued at $49,549,749 over the last three months. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of large investors have recently made changes to their positions in GTLB. Envestnet Asset Management Inc. lifted its stake in GitLab by 4.7% in the second quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company’s stock worth $5,593,000 after acquiring an additional 5,078 shares during the period. Amalgamated Bank boosted its stake in shares of GitLab by 33.3% during the 2nd quarter. Amalgamated Bank now owns 8,005 shares of the company’s stock valued at $398,000 after purchasing an additional 2,001 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of GitLab during the second quarter valued at about $206,000. Hsbc Holdings PLC purchased a new position in shares of GitLab during the second quarter valued at about $627,000. Finally, Sei Investments Co. raised its stake in GitLab by 520.2% in the second quarter. Sei Investments Co. now owns 128,145 shares of the company’s stock worth $6,371,000 after buying an additional 107,483 shares in the last quarter. 95.04% of the stock is currently owned by 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.