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

GitLab Inc. (NASDAQ:GTLB)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $69.38, but opened at $71.81. GitLab shares last traded at $72.27, with a volume of 447,888 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Morgan Stanley upped their price target on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. DA Davidson increased their price target on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Robert W. Baird increased their price target on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Scotiabank increased their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada increased their price target on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Stock Up 5.8 %

The company has a market cap of $11.91 billion, a price-to-earnings ratio of -229.32 and a beta of 0.57. The company’s fifty day moving average price is $62.25 and its two-hundred day moving average price is $55.69.

Insider Activity

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the transaction, the director now directly owns 137,983 shares in the company, valued at approximately $8,197,570.03. The trade was a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 818,283 shares of company stock valued at $49,251,690 over the last three months. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. raised its holdings in shares of GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after acquiring an additional 21,976 shares during the period. State Street Corp increased its stake in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after buying an additional 111,997 shares during the last quarter. Geode Capital Management LLC increased its stake in GitLab by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after buying an additional 132,548 shares during the last quarter. Fiera Capital Corp increased its stake in GitLab by 1.4% in the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after buying an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY increased its stake in GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after buying an additional 4,874 shares during the last quarter. 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.