GitLab Inc. (NASDAQ:GTLB – Get Rating)’s share price shot up 12.4% during mid-day trading on Thursday following insider buying activity. The stock traded as high as $41.89 and last traded at $41.68. 32,005 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 1,470,906 shares. The stock had previously closed at $37.09.Specifically, major shareholder 2021 Gp L.L.C. Gv acquired 255,647 shares of the business’s stock in a transaction that occurred on Tuesday, May 10th. The shares were bought at an average cost of $34.65 per share, with a total value of $8,858,168.55. Following the completion of the acquisition, the insider now directly owns 479,695 shares in the company, valued at approximately $16,621,431.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
A number of research analysts recently commented on the stock. Zacks Investment Research downgraded shares of GitLab from a “hold” rating to a “sell” rating in a research report on Tuesday, May 17th. JPMorgan Chase & Co. raised shares of GitLab from a “neutral” rating to an “overweight” rating and set a $99.00 target price on the stock in a research report on Thursday, January 27th. Truist Financial reduced their price target on shares of GitLab from $105.00 to $95.00 in a report on Tuesday, May 10th. Bank of America dropped their target price on GitLab from $125.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, March 9th. Finally, The Goldman Sachs Group reduced their price objective on GitLab from $86.00 to $69.00 and set a “neutral” rating for the company in a research report on Thursday, April 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $96.44.
The stock has a fifty day simple moving average of $48.64 and a 200-day simple moving average of $66.71.
GitLab (NASDAQ:GTLB – Get Rating) last released its quarterly earnings data on Monday, March 14th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.07. The business had revenue of $77.80 million for the quarter, compared to the consensus estimate of $70.18 million. As a group, equities analysts forecast that GitLab Inc. will post -1.34 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI raised its position in GitLab by 500.0% in the 1st quarter. National Bank of Canada FI now owns 600 shares of the company’s stock valued at $33,000 after buying an additional 500 shares during the last quarter. Manchester Capital Management LLC acquired a new position in shares of GitLab during the 1st quarter worth approximately $35,000. Lazard Asset Management LLC acquired a new position in shares of GitLab during the 1st quarter worth approximately $47,000. Silvant Capital Management LLC acquired a new position in shares of GitLab during the 1st quarter worth approximately $50,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of GitLab during the 4th quarter worth approximately $145,000. 21.30% of the stock is currently owned by institutional investors and hedge funds.
About GitLab (NASDAQ:GTLB)
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.