GitLab (NASDAQ:GTLB) Stock Price Up 11.6% – What’s Next?

GitLab Inc. (NASDAQ:GTLB)’s share price rose 11.6% during mid-day trading on Tuesday . The company traded as high as $71.75 and last traded at $72.26. Approximately 2,596,658 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 2,499,378 shares. The stock had previously closed at $64.76.

Analyst Ratings Changes

GTLB has been the subject of a number of research reports. KeyCorp upped their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Barclays upped their price objective on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Macquarie reiterated an “outperform” rating and set a $90.00 price target on shares of GitLab in a report on Wednesday, January 15th. Cantor Fitzgerald upped their price target on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Scotiabank upped their price target on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Three equities 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Up 12.3 %

The company has a market capitalization of $11.81 billion, a PE ratio of -227.34 and a beta of 0.57. The firm’s 50 day simple moving average is $61.76 and its 200 day simple moving average is $55.34.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of GitLab stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $56.74, for a total value 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. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 825,698 shares of company stock valued at $49,549,749. 21.36% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently made changes to their positions in GTLB. Y Intercept Hong Kong Ltd bought a new position in GitLab in the third quarter worth about $678,000. State Street Corp raised its holdings in GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Barclays PLC raised its holdings in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after purchasing an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in GitLab in the third quarter worth about $6,865,000. Finally, Jackson Square Capital LLC raised its holdings in GitLab by 328.1% in the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock worth $2,062,000 after purchasing an additional 28,050 shares in the last quarter. 95.04% of the stock is currently owned by 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.