GitLab Inc. (NASDAQ:GTLB - Get Free Report) shot up 3% during mid-day trading on Tuesday . The stock traded as high as $59.46 and last traded at $59.08. 411,112 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 1,940,122 shares. The stock had previously closed at $57.37.
Analysts Set New Price Targets
Several research firms recently commented on GTLB. Piper Sandler raised their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Morgan Stanley raised their price target on GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Canaccord Genuity Group lifted their price target on GitLab from $65.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Royal Bank of Canada increased their price objective on GitLab from $73.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, December 6th. Finally, Cantor Fitzgerald lifted their target price on GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Three research 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $76.42.
Get Our Latest Analysis on GTLB
GitLab Stock Up 2.0 %
The stock has a market cap of $10.42 billion, a PE ratio of -200.63 and a beta of 0.57. The company has a fifty day moving average price of $61.25 and a 200 day moving average price of $54.71.
Insiders Place Their Bets
In other GitLab news, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the sale, the chief financial officer now owns 242,803 shares of the company's stock, valued at $13,776,642.22. This represents a 6.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Karen Blasing sold 6,500 shares of the firm's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the sale, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. The trade was a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 816,447 shares of company stock valued at $48,948,434 in the last ninety days. Company insiders own 21.36% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in GTLB. Renaissance Technologies LLC boosted its stake in shares of GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company's stock valued at $59,196,000 after purchasing an additional 747,712 shares in the last quarter. Primecap Management Co. CA lifted its holdings in GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company's stock worth $41,120,000 after buying an additional 603,200 shares during the period. Los Angeles Capital Management LLC bought a new stake in GitLab during the 3rd quarter valued at approximately $30,827,000. Atreides Management LP purchased a new position in shares of GitLab during the 3rd quarter worth approximately $25,605,000. Finally, Thrivent Financial for Lutherans raised its position in shares of GitLab by 128.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company's stock worth $28,577,000 after acquiring an additional 312,119 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.
GitLab Company Profile
(
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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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