GitLab (NASDAQ:GTLB) Trading 3.5% Higher - Time to Buy?

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares traded up 3.5% during trading on Tuesday . The stock traded as high as $70.57 and last traded at $70.21. 676,756 shares were traded during mid-day trading, a decline of 75% from the average session volume of 2,747,699 shares. The stock had previously closed at $67.83.

Analysts Set New Price Targets

Several analysts have commented on the company. Needham & Company LLC reissued a "buy" rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, January 7th. Mizuho lifted their price target on GitLab from $67.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday, December 9th. The Goldman Sachs Group lifted their price objective on GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. JPMorgan Chase & Co. upped their target price on GitLab from $60.00 to $65.00 and gave the company a "neutral" rating in a report on Friday, December 6th. Finally, KeyCorp upped their target price on GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, GitLab presently has an average rating of "Moderate Buy" and a consensus price target of $76.62.

GitLab Stock Down 4.9 %

The stock has a market capitalization of $10.41 billion, a price-to-earnings ratio of -200.38 and a beta of 0.63. The business has a 50-day simple moving average of $64.00 and a two-hundred day simple moving average of $57.61.

Insider Buying and Selling at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the completion of the transaction, the director now owns 134,733 shares in the company, valued at $7,947,899.67. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the transaction, the chief financial officer now owns 242,803 shares of the company's stock, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 in the last three months. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Norges Bank bought a new position in GitLab during the fourth quarter worth about $279,089,000. Ameriprise Financial Inc. increased its holdings in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after buying an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of GitLab by 4,042.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after buying an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of GitLab by 572.3% during the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock worth $61,654,000 after buying an additional 931,396 shares in the last quarter. 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.