Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) rose 1.1% during trading on Wednesday . The stock traded as high as $72.70 and last traded at $72.25. Approximately 506,195 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 2,891,291 shares. The stock had previously closed at $71.44.
Analyst Ratings Changes
Several equities analysts have commented on GTLB shares. Morgan Stanley boosted their price target on shares of GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Cantor Fitzgerald upped their price target on GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Mizuho lifted their price objective on GitLab from $67.00 to $80.00 and gave the company an "outperform" rating in a research note on Monday, December 9th. Needham & Company LLC restated a "buy" rating and set a $85.00 target price on shares of GitLab in a research note on Tuesday, January 7th. Finally, Piper Sandler lifted their price target on shares of GitLab from $75.00 to $85.00 and gave the stock 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 given a strong buy rating to the company. Based on data from MarketBeat, GitLab presently has an average rating of "Moderate Buy" and an average target price of $76.42.
Get Our Latest Stock Report on GTLB
GitLab Stock Down 1.3 %
The firm has a market cap of $11.45 billion, a price-to-earnings ratio of -220.47 and a beta of 0.63. The stock has a fifty day moving average price of $63.04 and a 200-day moving average price of $56.49.
Insider Buying and Selling at GitLab
In related news, insider Sytse Sijbrandij sold 84,000 shares of the business's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a filing with the SEC, which is accessible 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 transaction, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 828,283 shares of company stock valued at $49,959,990. 21.36% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On GitLab
Several institutional investors have recently modified their holdings of GTLB. Franklin Resources Inc. raised its holdings in GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock worth $146,774,000 after purchasing an additional 21,976 shares during the last quarter. State Street Corp grew its holdings in shares of 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 buying an additional 111,997 shares in the last quarter. Geode Capital Management LLC raised its position in shares of GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock valued at $104,476,000 after buying an additional 132,548 shares during the last quarter. Fiera Capital Corp lifted its stake in shares of GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company's stock valued at $64,911,000 after buying an additional 16,961 shares during the period. Finally, Bamco Inc. NY boosted its position in GitLab by 0.4% during the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock worth $64,592,000 after acquiring an additional 4,874 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.
About GitLab
(
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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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