GitLab (NASDAQ:GTLB) Stock Price Up 5.9%

GitLab Inc. (NASDAQ:GTLB – Get Rating) shares rose 5.9% during mid-day trading on Friday . The company traded as high as $37.59 and last traded at $37.29. Approximately 2,406,686 shares traded hands during trading, a decline of 10% from the average daily volume of 2,665,495 shares. The stock had previously closed at $35.22.

Wall Street Analysts Forecast Growth

GTLB has been the topic of a number of analyst reports. KeyCorp dropped their price objective on shares of GitLab from $63.00 to $60.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 6th. The Goldman Sachs Group decreased their price target on shares of GitLab from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Tuesday, March 14th. Truist Financial decreased their price target on shares of GitLab from $65.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, March 14th. UBS Group decreased their price target on shares of GitLab from $54.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, March 14th. Finally, Royal Bank of Canada decreased their price target on shares of GitLab from $60.00 to $45.00 and set an “outperform” rating for the company in a research report on Tuesday, March 14th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.50.

GitLab Stock Up 4.8 %

The company has a market capitalization of $5.53 billion, a P/E ratio of -31.56 and a beta of -0.18. The business has a 50 day simple moving average of $46.02 and a 200-day simple moving average of $46.70.

GitLab (NASDAQ:GTLB – Get Rating) last posted its earnings results on Monday, March 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.11. The company had revenue of $122.90 million for the quarter, compared to analysts’ expectations of $119.59 million. GitLab had a negative return on equity of 23.18% and a negative net margin of 40.61%. The firm’s quarterly revenue was up 58.0% compared to the same quarter last year. During the same period last year, the business posted ($0.25) earnings per share. Equities analysts forecast that GitLab Inc. will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In related news, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the business’s stock in a transaction on Monday, March 13th. The shares were bought at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now owns 1,709,527 shares of the company’s stock, valued at approximately $50,072,045.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Dale R. Brown sold 2,680 shares of GitLab stock in a transaction dated Thursday, January 26th. The shares were sold at an average price of $50.00, for a total transaction of $134,000.00. Following the sale, the insider now directly owns 16,265 shares in the company, valued at $813,250. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 64,082 shares of company stock worth $2,880,100. 0.19% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of GTLB. Dimensional Fund Advisors LP raised its position in GitLab by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,871 shares of the company’s stock worth $494,000 after acquiring an additional 257 shares in the last quarter. UMB Bank n.a. raised its position in GitLab by 25.8% in the fourth quarter. UMB Bank n.a. now owns 1,318 shares of the company’s stock worth $60,000 after acquiring an additional 270 shares in the last quarter. Parallel Advisors LLC raised its position in GitLab by 26.7% in the fourth quarter. Parallel Advisors LLC now owns 1,415 shares of the company’s stock worth $64,000 after acquiring an additional 298 shares in the last quarter. AJ Wealth Strategies LLC raised its position in GitLab by 10.2% in the third quarter. AJ Wealth Strategies LLC now owns 5,406 shares of the company’s stock worth $277,000 after acquiring an additional 500 shares in the last quarter. Finally, Brookstone Capital Management raised its position in GitLab by 11.5% in the third quarter. Brookstone Capital Management now owns 5,129 shares of the company’s stock worth $244,000 after acquiring an additional 529 shares in the last quarter. 48.99% of the stock is currently owned by institutional investors.

About GitLab

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GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.