GitLab (NASDAQ:GTLB) Trading Up 0.7% – Should You Buy?

GitLab Inc. (NASDAQ:GTLB) was up 0.7% during trading on Friday . The stock traded as high as $65.03 and last traded at $64.38. Approximately 558,309 shares traded hands during trading, a decline of 75% from the average daily volume of 2,235,290 shares. The stock had previously closed at $63.94.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GTLB shares. Morgan Stanley lifted their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Royal Bank of Canada lifted their price target on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. The Goldman Sachs Group boosted their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, December 6th. Wells Fargo & Company boosted their price objective 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, KeyCorp boosted their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Up 1.8 %

The stock has a fifty day moving average of $61.51 and a 200-day moving average of $55.04. The stock has a market capitalization of $10.57 billion, a price-to-earnings ratio of -203.58 and a beta of 0.57.

Insider Activity at GitLab

In other news, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $65.00, for a total transaction of $601,315.00. Following the completion of the sale, the insider now owns 121,893 shares in the company, valued at $7,923,045. This represents a 7.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 16,666 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 825,698 shares of company stock valued at $49,549,749 over the last three months. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently modified their holdings of the stock. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the third quarter valued at $52,000. True Wealth Design LLC acquired a new stake in GitLab in the third quarter valued at $56,000. Raleigh Capital Management Inc. acquired a new stake in GitLab in the fourth quarter valued at $66,000. Rakuten Securities Inc. lifted its holdings in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares during the period. Finally, Quarry LP lifted its holdings in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after acquiring an additional 1,502 shares during the period. 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.