GitLab (NASDAQ:GTLB) Sees Strong Trading Volume Following Analyst Upgrade

Shares of GitLab Inc. (NASDAQ:GTLB) saw an uptick in trading volume on Friday after DA Davidson raised their price target on the stock from $50.00 to $70.00. DA Davidson currently has a neutral rating on the stock. 3,024,226 shares changed hands during trading, an increase of 29% from the previous session’s volume of 2,343,088 shares.The stock last traded at $69.79 and had previously closed at $66.04.

GTLB has been the subject of several other research reports. KeyCorp upped their price target on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. Morgan Stanley upped their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. raised their price target on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday. Needham & Company LLC upped their price objective on shares of GitLab from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Canaccord Genuity Group lifted their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $74.56.

Insider Activity at GitLab

In related news, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. This represents a 6.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

Hedge funds and other institutional investors have recently bought and sold shares of the company. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the 3rd quarter valued at $52,000. True Wealth Design LLC bought a new stake in GitLab during the third quarter valued at $56,000. Rakuten Securities Inc. grew its position in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares in the last quarter. Quarry LP increased its stake in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of GitLab in the 3rd quarter valued at about $96,000. Institutional investors own 91.72% of the company’s stock.

GitLab Stock Performance

The stock has a market cap of $10.78 billion, a P/E ratio of -209.97 and a beta of 0.54. The stock has a 50-day moving average price of $57.91 and a 200-day moving average price of $52.24.

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.