GitLab (NASDAQ:GTLB) Shares Up 6.1% - Should You Buy?

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares shot up 6.1% during mid-day trading on Friday . The company traded as high as $73.46 and last traded at $73.59. 1,277,351 shares traded hands during trading, a decline of 55% from the average session volume of 2,826,742 shares. The stock had previously closed at $69.38.

Analyst Ratings Changes

Several analysts have recently commented on GTLB shares. Wells Fargo & Company upped their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Scotiabank upped their price target on shares of GitLab from $65.00 to $75.00 and gave the company a "sector outperform" rating in a report on Wednesday, December 4th. The Goldman Sachs Group raised their target price on GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Truist Financial reissued a "buy" rating and issued a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Finally, Barclays raised their price objective 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 given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $76.42.

GitLab Trading Down 2.8 %

The business has a fifty day simple moving average of $62.38 and a two-hundred day simple moving average of $55.90. The company has a market cap of $11.48 billion, a PE ratio of -221.00 and a beta of 0.63.

Insider Transactions at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the transaction, the director now owns 137,983 shares of the company's stock, valued at approximately $8,197,570.03. The trade was a 2.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robin Schulman sold 9,251 shares of the company's stock in a transaction dated 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 sale, the insider now directly owns 121,893 shares of the company's stock, valued at $8,532,510. This represents a 7.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 818,283 shares of company stock valued at $49,251,690. Corporate insiders own 21.36% of the company's stock.

Institutional Trading of GitLab

Hedge funds have recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new stake in GitLab in the third quarter valued at $30,827,000. Atreides Management LP acquired a new stake in shares of GitLab during the 3rd quarter worth about $25,605,000. Thrivent Financial for Lutherans raised its holdings in GitLab by 128.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company's stock valued at $28,577,000 after buying an additional 312,119 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in GitLab by 6,821.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company's stock valued at $15,340,000 after buying an additional 293,332 shares during the last quarter. Finally, ARK Investment Management LLC purchased a new position in GitLab during the third quarter worth about $13,435,000. 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.