GitLab (NASDAQ:GTLB) Trading 11.6% Higher - Still a Buy?

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price was up 11.6% on Tuesday . The stock traded as high as $71.75 and last traded at $72.26. Approximately 2,596,658 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 2,499,378 shares. The stock had previously closed at $64.76.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GTLB. Truist Financial restated a "buy" rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Royal Bank of Canada boosted their price target on shares of GitLab from $73.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Canaccord Genuity Group lifted their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Mizuho upped their price target on shares of GitLab from $67.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday, December 9th. Finally, Macquarie reissued an "outperform" rating and issued a $90.00 price objective on shares of GitLab in a research report on Wednesday, January 15th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, GitLab has an average rating of "Moderate Buy" and a consensus price target of $76.42.

GitLab Stock Performance

The stock has a 50 day moving average price of $62.38 and a 200 day moving average price of $55.90. The company has a market capitalization of $11.81 billion, a P/E ratio of -227.38 and a beta of 0.57.

Insider Activity

In related news, Director Matthew Jacobson sold 547,679 shares of the company's stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the sale, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the transaction, the insider now owns 121,893 shares of the company's stock, valued at $8,532,510. This represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 818,283 shares of company stock valued at $49,251,690 in the last three months. Company insiders own 21.36% of the company's stock.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC purchased a new stake in GitLab during the 3rd quarter worth about $52,000. True Wealth Design LLC bought a new stake in shares of GitLab during the third quarter valued at about $56,000. Raleigh Capital Management Inc. purchased a new stake in shares of GitLab in the fourth quarter worth about $66,000. Rakuten Securities Inc. boosted its position in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock valued at $73,000 after acquiring an additional 1,032 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in GitLab during the third quarter valued at approximately $96,000. Hedge funds and other institutional investors own 95.04% of the company's stock.

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.