GitLab (NASDAQ:GTLB) Trading 3% Higher - What's Next?

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) rose 3% during trading on Tuesday . The stock traded as high as $59.46 and last traded at $59.08. Approximately 411,112 shares traded hands during trading, a decline of 79% from the average daily volume of 1,940,122 shares. The stock had previously closed at $57.37.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Truist Financial reissued a "buy" rating and issued a $90.00 price target (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. The Goldman Sachs Group increased their target price on GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a report on Friday, December 6th. KeyCorp lifted their price target on GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Royal Bank of Canada increased their price objective on GitLab from $73.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. Finally, Barclays lifted their target price on shares of GitLab from $55.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Monday, December 9th. Three investment 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's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $76.42.

GitLab Trading Up 6.7 %

The company has a market cap of $9.94 billion, a PE ratio of -191.31 and a beta of 0.57. The firm has a 50 day moving average of $61.13 and a two-hundred day moving average of $54.58.

Insider Activity

In other GitLab news, insider Robin Schulman sold 2,996 shares of the stock in a transaction 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 sale, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the business's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company's stock, valued at $13,776,642.22. This represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 725,947 shares of company stock worth $43,246,539 over the last three months. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently modified their holdings of GTLB. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab during the 3rd quarter valued at about $52,000. True Wealth Design LLC purchased a new stake in GitLab in the third quarter worth approximately $56,000. Rakuten Securities Inc. boosted its holdings in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Quarry LP grew its position in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company's stock worth $89,000 after purchasing an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in GitLab during the 3rd quarter valued at $96,000. 95.04% of the stock is owned by hedge funds and other 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.