GitLab (NASDAQ:GTLB) Shares Up 2.5% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB) shares were up 2.5% on Wednesday . The stock traded as high as $63.67 and last traded at $62.73. Approximately 882,470 shares traded hands during trading, a decline of 58% from the average daily volume of 2,096,968 shares. The stock had previously closed at $61.22.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on GTLB shares. Morgan Stanley raised their price target on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. raised their target price on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price target on shares of GitLab in a research report on Tuesday, January 7th. Truist Financial restated a “buy” rating and issued a $90.00 price objective (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Finally, Robert W. Baird upped their target price on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Three investment 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Up 3.3 %

The business’s 50-day simple moving average is $61.13 and its two-hundred day simple moving average is $54.58. The firm has a market capitalization of $10.27 billion, a price-to-earnings ratio of -197.66 and a beta of 0.57.

Insider Activity at GitLab

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Susan L. Bostrom sold 20,000 shares of the stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $56.26, for a total transaction of $1,125,200.00. Following the sale, the director now directly owns 184,913 shares in the company, valued at $10,403,205.38. This represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 725,947 shares of company stock worth $43,246,539. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the third quarter valued at approximately $52,000. True Wealth Design LLC purchased a new stake in shares of GitLab in the 3rd quarter valued at approximately $56,000. Rakuten Securities Inc. raised its holdings in shares of GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP lifted its position in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of GitLab during the third quarter worth $96,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.