GitLab (NASDAQ:GTLB) Stock Price Up 3% – What’s Next?

GitLab Inc. (NASDAQ:GTLB) 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.

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

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.