GitLab (NASDAQ:GTLB) Trading Up 11.6% - Here's What Happened

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GTLB. Mizuho lifted their price target on shares of GitLab from $67.00 to $80.00 and gave the company an "outperform" rating in a report on Monday, December 9th. DA Davidson boosted their target price on GitLab from $50.00 to $70.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 price target on shares of GitLab in a report on Tuesday, January 7th. Royal Bank of Canada lifted their price objective on GitLab from $73.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Finally, Piper Sandler raised their target price on GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Three 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $76.42.

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GitLab Stock Up 4.5 %

The stock has a market cap of $11.76 billion, a P/E ratio of -224.22 and a beta of 0.57. The stock has a fifty day simple moving average of $62.25 and a 200-day simple moving average of $55.69.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the sale, the chief financial officer now owns 242,803 shares of the company's stock, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the business'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 value of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares of the company's stock, valued at $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 818,283 shares of company stock worth $49,251,690 in the last ninety days. Company insiders own 21.36% of the company's stock.

Hedge Funds Weigh In On GitLab

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd bought a new position in shares of GitLab during the third quarter worth about $678,000. State Street Corp boosted its holdings in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock worth $104,740,000 after purchasing an additional 111,997 shares during the last quarter. Barclays PLC grew its position in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company's stock valued at $3,164,000 after purchasing an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in GitLab during the 3rd quarter worth about $6,865,000. Finally, Jackson Square Capital LLC lifted its position in GitLab by 328.1% during the 4th quarter. Jackson Square Capital LLC now owns 36,600 shares of the company's stock worth $2,062,000 after buying an additional 28,050 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.