GitLab (NASDAQ:GTLB) Trading Up 1.3% - Still a Buy?

GitLab Inc. (NASDAQ:GTLB - Get Free Report) rose 1.3% during trading on Tuesday . The stock traded as high as $72.57 and last traded at $71.66. Approximately 729,194 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 2,926,600 shares. The stock had previously closed at $70.72.

Analysts Set New Price Targets

GTLB has been the topic of several recent analyst reports. Scotiabank lifted their price target on GitLab from $65.00 to $75.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, December 4th. Royal Bank of Canada boosted their price target on GitLab from $73.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. Barclays boosted their price target on GitLab from $55.00 to $70.00 and gave the company an "equal weight" rating in a research note on Monday, December 9th. TD Cowen boosted their price target on GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. Finally, Morgan Stanley boosted their price target on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.42.

GitLab Price Performance

The firm has a 50-day moving average price of $62.90 and a two-hundred day moving average price of $56.37. The company has a market capitalization of $11.45 billion, a price-to-earnings ratio of -220.47 and a beta of 0.63.

Insider Activity at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the transaction, the director now directly owns 137,983 shares of the company's stock, valued at approximately $8,197,570.03. This represents a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares of the company's stock, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 828,283 shares of company stock valued at $49,959,990. Insiders own 21.36% of the company's stock.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. Y Intercept Hong Kong Ltd bought a new position in shares of GitLab during the third quarter worth approximately $678,000. State Street Corp increased its stake 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 purchasing an additional 111,997 shares during the period. Barclays PLC increased its stake in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after purchasing an additional 40,171 shares during the period. Oddo BHF Asset Management Sas bought a new position in shares of GitLab during the third quarter worth approximately $6,865,000. Finally, Jackson Square Capital LLC increased its stake in shares of GitLab by 328.1% during 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 period. Institutional investors own 95.04% of the company's stock.

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.