GitLab (NASDAQ:GTLB) Stock Price Up 2.8% – Time to Buy?

GitLab Inc. (NASDAQ:GTLB)’s stock price shot up 2.8% during trading on Thursday . The company traded as high as $63.26 and last traded at $62.72. 498,159 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 2,685,415 shares. The stock had previously closed at $61.00.

Analysts Set New Price Targets

GTLB has been the subject of a number of research analyst reports. Morgan Stanley lifted their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price target on shares of GitLab in a research note on Tuesday, January 7th. Truist Financial reiterated a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Barclays boosted their target price on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Finally, Macquarie reissued an “outperform” rating and set a $90.00 price target on shares of GitLab in a research note on Wednesday, January 15th. 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $76.23.

GitLab Price Performance

The stock’s 50 day moving average is $64.38 and its 200-day moving average is $58.40. The company has a market capitalization of $9.77 billion, a P/E ratio of -188.16 and a beta of 0.63.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the sale, the insider now directly owns 121,893 shares in the company, valued at $8,532,510. This represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock worth $44,710,867 in the last quarter. 21.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

Large investors have recently made changes to their positions in the business. Norges Bank bought a new position in GitLab during the 4th quarter valued at approximately $279,089,000. Ameriprise Financial Inc. grew its stake in shares of GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after acquiring an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Alliancebernstein L.P. boosted its stake in GitLab by 4,042.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after purchasing an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in GitLab by 572.3% in the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock worth $61,654,000 after purchasing an additional 931,396 shares in the last quarter. 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.