GitLab (NASDAQ:GTLB) Stock Price Up 0.6% – Still a Buy?

GitLab Inc. (NASDAQ:GTLB) shares were up 0.6% during trading on Tuesday . The stock traded as high as $51.64 and last traded at $51.31. Approximately 583,939 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 2,992,621 shares. The stock had previously closed at $50.99.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Scotiabank boosted their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Piper Sandler boosted their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, Truist Financial reiterated a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given 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 $75.38.

GitLab Stock Down 5.3 %

The firm has a market cap of $8.11 billion, a P/E ratio of -156.19 and a beta of 0.67. The stock’s 50-day simple moving average is $64.04 and its 200 day simple moving average is $59.10.

Insider Activity

In related news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the sale, the chief financial officer now owns 267,380 shares in the company, valued at $15,037,451.20. This represents a 3.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 730,257 shares of company stock worth $44,034,967. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. Janney Montgomery Scott LLC boosted its holdings in GitLab by 4.0% in the 3rd quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock worth $1,879,000 after buying an additional 1,388 shares during the period. Assetmark Inc. grew its position in shares of GitLab by 11.4% during the 3rd quarter. Assetmark Inc. now owns 42,103 shares of the company’s stock valued at $2,170,000 after purchasing an additional 4,312 shares in the last quarter. Chartwell Investment Partners LLC purchased a new position in shares of GitLab during the 3rd quarter valued at $650,000. GSA Capital Partners LLP purchased a new position in shares of GitLab during the 3rd quarter valued at $1,055,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of GitLab by 6,821.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock valued at $15,340,000 after purchasing an additional 293,332 shares in the last quarter. 95.04% of the stock is owned by 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.