GitLab (NASDAQ:GTLB) Trading Up 0.4% - Should You Buy?

GitLab Inc. (NASDAQ:GTLB - Get Free Report) traded up 0.4% on Wednesday . The company traded as high as $68.61 and last traded at $68.77. 411,417 shares traded hands during trading, a decline of 85% from the average session volume of 2,779,686 shares. The stock had previously closed at $68.50.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GTLB. Needham & Company LLC restated a "buy" rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, January 7th. KeyCorp raised 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. The Goldman Sachs Group raised their target price on GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a report on Friday, December 6th. Barclays raised their target price on GitLab from $55.00 to $70.00 and gave the company an "equal weight" rating in a report on Monday, December 9th. Finally, Royal Bank of Canada raised their target price on GitLab from $73.00 to $80.00 and gave the company an "outperform" 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 company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $76.42.

GitLab Stock Down 3.9 %

The firm has a market cap of $11.01 billion, a price-to-earnings ratio of -211.97 and a beta of 0.63. The stock has a fifty day moving average price of $63.45 and a 200-day moving average price of $56.95.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 267,380 shares in the company, 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 have sold 825,033 shares of company stock valued at $49,766,908. Company insiders own 21.36% of the company's stock.

Institutional Trading of GitLab

Institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its stake in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after buying an additional 513 shares in the last quarter. IMG Wealth Management Inc. purchased a new stake in GitLab during the fourth quarter worth $46,000. True Wealth Design LLC purchased a new stake in GitLab during the third quarter worth $56,000. Raleigh Capital Management Inc. purchased a new stake in GitLab during the fourth quarter worth $66,000. Finally, Smartleaf Asset Management LLC boosted its position in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after purchasing an additional 1,153 shares in 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.