GitLab (NASDAQ:GTLB) Shares Up 0.6% - Should You Buy?

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price was up 0.6% on Tuesday . The stock traded as high as $51.64 and last traded at $51.31. Approximately 583,939 shares traded hands during trading, a decline of 80% from the average daily volume of 2,992,621 shares. The stock had previously closed at $50.99.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on GTLB shares. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Morgan Stanley boosted their price objective on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Truist Financial reaffirmed a "buy" rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. DA Davidson reduced their price objective on GitLab from $70.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, February 28th. Finally, The Goldman Sachs Group boosted their target price on shares of GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has an average rating of "Moderate Buy" and a consensus price target of $75.38.

GitLab Stock Up 1.5 %

The firm has a market capitalization of $8.56 billion, a price-to-earnings ratio of -165.51 and a beta of 0.67. The firm's 50 day moving average is $64.12 and its 200 day moving average is $59.14.

Remove Ads

Insider Activity at GitLab

In related news, Director Matthew Jacobson sold 547,679 shares of the business's stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the sale, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 10,000 shares of the firm's 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 directly owns 267,380 shares in the company, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 730,257 shares of company stock worth $44,034,967 in the last quarter. 21.36% of the stock is owned by company insiders.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd acquired a new position in GitLab during the 3rd quarter worth about $678,000. State Street Corp raised its position 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 acquiring an additional 111,997 shares during the last quarter. Barclays PLC lifted 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 valued at $3,164,000 after acquiring an additional 40,171 shares during the period. Oddo BHF Asset Management Sas bought a new position in GitLab in the third quarter valued at about $6,865,000. Finally, Barton Investment Management increased its position in GitLab by 99.4% in the fourth quarter. Barton Investment Management now owns 335,648 shares of the company's stock worth $18,914,000 after purchasing an additional 167,290 shares during the period. Institutional investors own 95.04% of the company's stock.

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.