GitLab (NASDAQ:GTLB) Sees Unusually-High Trading Volume After Analyst Upgrade

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) saw an uptick in trading volume on Friday after DA Davidson raised their price target on the stock from $50.00 to $70.00. DA Davidson currently has a neutral rating on the stock. 3,024,226 shares traded hands during trading, an increase of 29% from the previous session's volume of 2,343,088 shares.The stock last traded at $69.79 and had previously closed at $66.04.

GTLB has been the subject of a number of other research reports. Baird R W raised GitLab to a "strong-buy" rating in a research note on Tuesday, August 27th. TD Cowen raised their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, November 21st. Needham & Company LLC boosted their price target on shares of GitLab from $70.00 to $85.00 and gave the company a "buy" rating in a research report on Friday. Barclays raised their price objective on shares of GitLab from $50.00 to $55.00 and gave the stock an "equal weight" rating in a report on Thursday, September 5th. Finally, Wells Fargo & Company upped their target price on GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday. Three investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, GitLab presently has an average rating of "Moderate Buy" and a consensus price target of $74.56.

Insider Buying and Selling

In other news, CAO Erin Mannix sold 1,433 shares of the firm's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. This trade represents a 1.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the company's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently made changes to their positions in the company. Bank of Marin grew its position in GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company's stock valued at $302,000 after buying an additional 171 shares during the period. Moloney Securities Asset Management LLC grew its position in shares of GitLab by 4.9% during the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company's stock valued at $318,000 after acquiring an additional 300 shares during the period. Glenmede Trust Co. NA increased its stake 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 purchasing an additional 334 shares in the last quarter. Canton Hathaway LLC raised its holdings in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company's stock worth $104,000 after purchasing an additional 435 shares during the period. Finally, Blue Trust Inc. raised its holdings in GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company's stock worth $157,000 after purchasing an additional 488 shares during the period. 91.72% of the stock is currently owned by institutional investors.

GitLab Stock Up 1.7 %

The company has a fifty day simple moving average of $57.91 and a 200-day simple moving average of $52.24. The firm has a market cap of $10.78 billion, a P/E ratio of -209.97 and a beta of 0.54.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm had revenue of $182.58 million for the quarter, compared to analysts' expectations of $176.86 million. During the same period in the previous year, the firm earned ($0.29) EPS. The business's quarterly revenue was up 30.8% on a year-over-year basis. As a group, research analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

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.