GitLab (NASDAQ:GTLB) Trading 0.4% Higher – What’s Next?

GitLab Inc. (NASDAQ:GTLB) shares traded up 0.4% during mid-day trading on Wednesday . The company traded as high as $68.61 and last traded at $68.77. 411,417 shares traded hands during trading, a decline of 85% from the average session volume of 2,779,686 shares. The stock had previously closed at $68.50.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on GTLB shares. The Goldman Sachs Group increased their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Royal Bank of Canada lifted their price objective on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. TD Cowen boosted their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. DA Davidson lifted their price target on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Barclays increased their price objective on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Stock Up 3.0 %

The firm has a market cap of $11.46 billion, a PE ratio of -219.95 and a beta of 0.63. The stock has a 50 day moving average price of $63.30 and a two-hundred day moving average price of $56.77.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, February 3rd. The shares were 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. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 828,283 shares of company stock valued at $49,959,990. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of large investors have recently bought and sold shares of GTLB. 1888 Investments LLC acquired a new stake in GitLab during the 4th quarter valued at approximately $1,888,000. Pictet Asset Management Holding SA boosted its holdings in GitLab by 77.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,921,908 shares of the company’s stock valued at $108,300,000 after purchasing an additional 836,114 shares during the last quarter. Norges Bank acquired a new stake in GitLab during the 4th quarter worth about $279,089,000. Blair William & Co. IL raised its stake in shares of GitLab by 5.8% during the 4th quarter. Blair William & Co. IL now owns 54,774 shares of the company’s stock valued at $3,087,000 after buying an additional 2,980 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of GitLab in the 4th quarter valued at about $778,000. Hedge funds and other institutional investors 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.