GitLab (NASDAQ:GTLB) Shares Up 3.5% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB) shares were up 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 were traded during mid-day trading, a decline of 75% from the average daily volume of 2,747,699 shares. The stock had previously closed at $67.83.

Analyst Ratings Changes

GTLB has been the subject of several analyst reports. Robert W. Baird boosted their target price on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Royal Bank of Canada boosted their price objective on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Mizuho upped their target price on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Canaccord Genuity Group increased their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus price target of $76.62.

GitLab Price Performance

The stock’s 50 day moving average is $63.87 and its two-hundred day moving average is $57.54. The stock has a market capitalization of $10.95 billion, a PE ratio of -210.78 and a beta of 0.63.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the 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 sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 over the last quarter. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GTLB. Y Intercept Hong Kong Ltd bought a new stake in GitLab in the third quarter valued at about $678,000. State Street Corp raised its position in shares of GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares in the last quarter. Barclays PLC lifted its stake in GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new position in GitLab in the third quarter worth $6,865,000. Finally, Barton Investment Management increased its stake in GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after purchasing an additional 167,290 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.