GitLab (NASDAQ:GTLB) Trading 2.5% Higher - Here's Why

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price traded up 2.5% on Wednesday . The company traded as high as $63.67 and last traded at $62.73. 882,470 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 2,096,968 shares. The stock had previously closed at $61.22.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on GTLB shares. Canaccord Genuity Group upped their price target on shares of GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Royal Bank of Canada increased their target price on GitLab from $73.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Truist Financial restated a "buy" rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday, December 6th. TD Cowen upped their price objective on GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. Finally, Morgan Stanley lifted their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $76.42.

GitLab Stock Down 1.8 %

The firm has a market capitalization of $10.23 billion, a P/E ratio of -196.94 and a beta of 0.57. The company's 50 day moving average is $61.25 and its 200-day moving average is $54.71.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robin Schulman sold 2,996 shares of the company's stock in a transaction dated 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 sale, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 816,447 shares of company stock valued at $48,948,434 in the last 90 days. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Oppenheimer Asset Management Inc. boosted its position in shares of GitLab by 37.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 21,235 shares of the company's stock valued at $1,056,000 after buying an additional 5,786 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of GitLab by 4.7% during the second quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company's stock valued at $5,593,000 after purchasing an additional 5,078 shares in the last quarter. Amalgamated Bank grew its position in GitLab by 33.3% in the 2nd quarter. Amalgamated Bank now owns 8,005 shares of the company's stock worth $398,000 after purchasing an additional 2,001 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in GitLab in the 2nd quarter valued at about $206,000. Finally, Blair William & Co. IL lifted its position in shares of GitLab by 1.9% during the 2nd quarter. Blair William & Co. IL now owns 42,151 shares of the company's stock worth $2,096,000 after buying an additional 769 shares in the last quarter. 95.04% of the stock is 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.

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