GitLab (NASDAQ:GTLB) Trading 1.9% Higher – Should You Buy?

GitLab Inc. (NASDAQ:GTLB) rose 1.9% on Monday . The stock traded as high as $72.70 and last traded at $71.87. Approximately 651,059 shares changed hands during trading, a decline of 77% from the average daily volume of 2,838,600 shares. The stock had previously closed at $70.55.

Analyst Ratings Changes

Several research firms recently issued reports on GTLB. Truist Financial reissued a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Cantor Fitzgerald lifted their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Morgan Stanley lifted their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Wells Fargo & Company lifted 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. Finally, The Goldman Sachs Group lifted their price target on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Performance

The company has a 50 day simple moving average of $63.30 and a two-hundred day simple moving average of $56.77. The company has a market cap of $11.33 billion, a PE ratio of -218.09 and a beta of 0.63.

Insider Activity at GitLab

In related news, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the transaction, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. This trade represents a 90.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 828,283 shares of company stock valued at $49,959,990. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several hedge funds have recently added to or reduced their stakes in GTLB. M&T Bank Corp lifted its stake in shares of GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after buying an additional 148 shares during the period. Wilmington Savings Fund Society FSB grew its holdings in shares of GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after purchasing an additional 150 shares in the last quarter. Bank of Marin raised its stake in shares of GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after buying an additional 171 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in GitLab by 0.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after buying an additional 281 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of GitLab by 17.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock valued at $128,000 after acquiring an additional 328 shares during the period. 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.