GitLab (NASDAQ:GTLB) Trading 1.9% Higher - Here's Why

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shot up 1.9% on Monday . The company traded as high as $72.70 and last traded at $71.87. 651,059 shares traded hands during trading, a decline of 77% from the average session volume of 2,838,600 shares. The stock had previously closed at $70.55.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GTLB. Macquarie reissued an "outperform" rating and set a $90.00 price objective on shares of GitLab in a report on Wednesday, January 15th. JPMorgan Chase & Co. lifted their price target on GitLab from $60.00 to $65.00 and gave the stock a "neutral" rating in a research note on Friday, December 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $85.00 price target on shares of GitLab in a research note on Tuesday, January 7th. Royal Bank of Canada lifted their price target on GitLab from $73.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group lifted their price target on GitLab from $80.00 to $88.00 and gave the stock a "buy" 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 given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $76.42.

GitLab Stock Up 1.1 %

The firm has a 50 day moving average price of $63.36 and a 200 day moving average price of $56.86. The stock has a market cap of $11.45 billion, a P/E ratio of -220.50 and a beta of 0.63.

Insider Buying and Selling

In related news, Director Karen Blasing sold 3,250 shares of the firm's 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 sale, the director now directly owns 137,983 shares of the company's stock, valued at approximately $8,197,570.03. This trade represents a 2.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares of the company's stock, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 828,283 shares of company stock worth $49,959,990. 21.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC grew its stake in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after buying an additional 513 shares during the last quarter. IMG Wealth Management Inc. purchased a new position in GitLab during the 4th quarter worth $46,000. True Wealth Design LLC purchased a new position in GitLab during the 3rd quarter worth $56,000. Raleigh Capital Management Inc. purchased a new position in GitLab during the 4th quarter worth $66,000. Finally, Smartleaf Asset Management LLC grew its stake in GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after buying an additional 1,153 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.