GitLab (NASDAQ:GTLB) Stock Price Up 1.1% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB)’s share price shot up 1.1% on Wednesday . The company traded as high as $72.70 and last traded at $72.25. 506,195 shares were traded during trading, a decline of 82% from the average session volume of 2,891,291 shares. The stock had previously closed at $71.44.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Robert W. Baird upped their price objective on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Cantor Fitzgerald increased their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” 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 stock an “outperform” rating in a report on Monday, December 9th. Royal Bank of Canada upped their price objective on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note 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. According to MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Stock Performance

The firm has a market capitalization of $11.93 billion, a PE ratio of -229.80 and a beta of 0.63. The stock’s 50-day simple moving average is $62.56 and its 200-day simple moving average is $56.15.

Insiders Place Their Bets

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 818,283 shares of company stock worth $49,251,690. 21.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

A number of hedge funds have recently made changes to their positions in GTLB. Wilmington Savings Fund Society FSB increased its stake in GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after acquiring an additional 150 shares during the last quarter. Bank of Marin increased its position in shares of GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after acquiring an additional 171 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of GitLab by 0.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after purchasing an additional 281 shares during the period. Glenmede Trust Co. NA lifted its holdings in shares of GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after buying an additional 334 shares during the period. Finally, IFP Advisors Inc grew its position in shares of GitLab by 9.3% during the 4th quarter. IFP Advisors Inc now owns 4,949 shares of the company’s stock worth $279,000 after buying an additional 423 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

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.