GitLab (NASDAQ:GTLB) Shares Up 3.5% – Still a Buy?

GitLab Inc. (NASDAQ:GTLB)’s share price rose 3.5% during mid-day trading on Tuesday . The stock traded as high as $70.57 and last traded at $70.21. Approximately 676,756 shares changed hands during trading, a decline of 75% from the average daily volume of 2,747,699 shares. The stock had previously closed at $67.83.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GTLB. DA Davidson boosted their price objective on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Macquarie reiterated an “outperform” rating and issued a $90.00 price target on shares of GitLab in a report on Wednesday, January 15th. Needham & Company LLC reissued a “buy” rating and set a $85.00 price target on shares of GitLab in a research note on Tuesday, January 7th. Barclays lifted their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Finally, Royal Bank of Canada increased their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Stock Performance

The firm has a market capitalization of $11.61 billion, a PE ratio of -223.59 and a beta of 0.63. The firm has a fifty day moving average of $63.49 and a 200 day moving average of $57.28.

Insider Activity

In other news, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the sale, the director now directly owns 58,471 shares in the company, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock worth $44,710,867 over the last 90 days. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently made changes to their positions in GTLB. JT Stratford LLC acquired a new stake in GitLab in the fourth quarter valued at $284,000. Sone Capital Management LLC bought a new stake in shares of GitLab in the 4th quarter worth about $7,917,000. Sphera Management Technology Funds Ltd acquired a new stake in shares of GitLab in the 4th quarter valued at about $1,578,000. Vivaldi Capital Management LP bought a new position in shares of GitLab during the fourth quarter worth about $800,000. Finally, Temasek Holdings Private Ltd acquired a new position in GitLab in the fourth quarter worth about $2,275,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.