GitLab (NASDAQ:GTLB) Trading Up 0.7% – Should You Buy?

GitLab Inc. (NASDAQ:GTLB)’s share price shot up 0.7% during trading on Friday . The company traded as high as $65.03 and last traded at $64.38. 558,309 shares traded hands during trading, a decline of 75% from the average session volume of 2,235,290 shares. The stock had previously closed at $63.94.

Wall Street Analyst Weigh In

A number of research firms recently commented on GTLB. Barclays lifted their price objective on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Canaccord Genuity Group lifted their price objective on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. DA Davidson raised their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. KeyCorp raised their price target on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their price objective on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Three equities 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Stock Performance

The firm has a market capitalization of $10.57 billion, a P/E ratio of -203.58 and a beta of 0.57. The stock has a fifty day moving average price of $61.51 and a two-hundred day moving average price of $55.04.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $65.00, for a total transaction of $601,315.00. Following the completion of the transaction, the insider now owns 121,893 shares in the company, valued at approximately $7,923,045. The trade was a 7.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brian G. Robins sold 16,666 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following 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. In the last quarter, insiders sold 825,698 shares of company stock worth $49,549,749. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC acquired a new stake in shares of GitLab in the third quarter valued at $30,827,000. Atreides Management LP acquired a new stake in shares of GitLab in the third quarter valued at $25,605,000. Thrivent Financial for Lutherans lifted its holdings in shares of GitLab by 128.8% in the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after buying an additional 312,119 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of GitLab by 6,821.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock valued at $15,340,000 after buying an additional 293,332 shares during the period. Finally, ARK Investment Management LLC acquired a new stake in shares of GitLab in the third quarter valued at $13,435,000. Institutional investors and hedge funds 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.