GitLab (NASDAQ:GTLB) Stock Price Up 2.5% - Time to Buy?

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Truist Financial restated a "buy" rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. TD Cowen raised their price objective on shares of GitLab from $63.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, November 21st. Macquarie reiterated an "outperform" rating and issued a $90.00 price target on shares of GitLab in a report on Wednesday. Morgan Stanley boosted their price objective on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Finally, Needham & Company LLC reissued a "buy" rating and set a $85.00 target price on shares of GitLab in a research note on Tuesday, January 7th. Three research 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. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $76.42.

GitLab Stock Performance

The company has a 50 day moving average of $61.19 and a two-hundred day moving average of $54.64. The stock has a market capitalization of $10.21 billion, a PE ratio of -196.66 and a beta of 0.57.

Insiders Place Their Bets

In related news, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were 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 directly owns 242,803 shares of the company's stock, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 725,947 shares of company stock valued at $43,246,539. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jackson Square Capital LLC raised its stake in shares of GitLab by 328.1% in the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company's stock worth $2,062,000 after purchasing an additional 28,050 shares during the last quarter. Westend Capital Management LLC raised its position in GitLab by 82.5% during the fourth quarter. Westend Capital Management LLC now owns 174,666 shares of the company's stock valued at $9,842,000 after acquiring an additional 78,940 shares in the last quarter. Merit Financial Group LLC acquired a new position in shares of GitLab in the 4th quarter valued at $406,000. Avanza Fonder AB acquired a new position in shares of GitLab in the fourth quarter worth about $278,000. Finally, Wealthcare Advisory Partners LLC purchased a new stake in shares of GitLab during the 4th quarter worth about $311,000. Institutional investors and hedge funds 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.