GitLab (NASDAQ:GTLB) Shares Up 0.7% – Time to Buy?

GitLab Inc. (NASDAQ:GTLB)’s stock price was up 0.7% on Tuesday . The company traded as high as $59.45 and last traded at $56.67. Approximately 3,442,488 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 2,854,645 shares. The stock had previously closed at $56.25.

Analysts Set New Price Targets

A number of research analysts have weighed in on GTLB shares. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 price target on shares of GitLab in a research note on Tuesday. Canaccord Genuity Group raised their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Mizuho decreased their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday. Macquarie reissued an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research report on Tuesday. Finally, KeyCorp raised their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $75.38.

GitLab Trading Up 11.6 %

The stock has a market cap of $10.19 billion, a price-to-earnings ratio of -196.25 and a beta of 0.63. The company has a fifty day simple moving average of $64.30 and a 200-day simple moving average of $58.69.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 740,257 shares of company stock valued at $44,710,867. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors have recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC raised its holdings in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares in the last quarter. CoreCap Advisors LLC lifted its holdings in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. bought a new stake in shares of GitLab in the 4th quarter valued at approximately $46,000. True Wealth Design LLC acquired a new position in GitLab in the third quarter worth approximately $56,000. Finally, Raleigh Capital Management Inc. bought a new position in GitLab during the fourth quarter valued at approximately $66,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.