GitLab (NASDAQ:GTLB) Trading Up 1.8% - Still a Buy?

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price traded up 1.8% on Thursday . The stock traded as high as $64.36 and last traded at $64.05. 406,682 shares were traded during trading, a decline of 81% from the average session volume of 2,161,358 shares. The stock had previously closed at $62.93.

Analyst Ratings Changes

Several equities research analysts have commented on GTLB shares. DA Davidson upped their price objective on GitLab from $50.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. Wells Fargo & Company upped their price target on shares of GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Macquarie restated an "outperform" rating and set a $90.00 target price on shares of GitLab in a report on Wednesday. Royal Bank of Canada boosted their target price on shares of GitLab from $73.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. Finally, Piper Sandler upped their target price on GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a research note 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 given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $76.42.

GitLab Stock Up 2.1 %

The business has a fifty day simple moving average of $61.19 and a two-hundred day simple moving average of $54.64. The company has a market capitalization of $10.43 billion, a price-to-earnings ratio of -200.64 and a beta of 0.57.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 2,996 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now owns 129,223 shares of the company's stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company's stock, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 725,947 shares of company stock worth $43,246,539 over the last three months. 21.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its position in 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 during the period. Primecap Management Co. CA raised its stake in shares of GitLab by 269.5% during 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 last quarter. Los Angeles Capital Management LLC acquired a new position in GitLab in the third quarter valued at approximately $30,827,000. Atreides Management LP bought a new position in GitLab in the third quarter valued at approximately $25,605,000. Finally, Thrivent Financial for Lutherans grew its holdings in GitLab by 128.8% during 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 during the period. 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.

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