GitLab (NASDAQ:GTLB) Shares Up 2.5% - Here's What Happened

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares shot up 2.5% during mid-day trading on Friday . The stock traded as high as $46.74 and last traded at $46.28. 2,207,171 shares changed hands during trading, a decline of 22% from the average session volume of 2,819,551 shares. The stock had previously closed at $45.14.

Analyst Ratings Changes

Several research firms have recently issued reports on GTLB. UBS Group reduced their target price on GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Wells Fargo & Company reduced their target price on GitLab from $65.00 to $60.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. Mizuho reduced their target price on GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. BTIG Research dropped their price target on GitLab from $86.00 to $67.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Finally, Scotiabank dropped their price target on GitLab from $80.00 to $67.00 and set a "sector outperform" rating on the stock in a research report on Friday, June 6th. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Stock Up 2.5%

The company has a fifty day simple moving average of $46.51 and a 200 day simple moving average of $53.47. The firm has a market capitalization of $7.65 billion, a P/E ratio of 462.80 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. The firm had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The company's quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 earnings per share. As a group, equities analysts expect that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the transaction, the director directly owned 551,997 shares of the company's stock, valued at $23,360,513.04. This represents a 18.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 509,950 shares of company stock valued at $23,238,267. Company insiders own 16.37% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GTLB. Proficio Capital Partners LLC bought a new position in shares of GitLab during the fourth quarter valued at $2,324,000. US Bancorp DE increased its position in GitLab by 4.1% during the fourth quarter. US Bancorp DE now owns 12,030 shares of the company's stock valued at $678,000 after acquiring an additional 477 shares during the last quarter. Smartleaf Asset Management LLC increased its position in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after acquiring an additional 1,153 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in GitLab during the fourth quarter valued at $310,000. Finally, Steward Partners Investment Advisory LLC increased its position in GitLab by 4,273.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock valued at $74,000 after acquiring an additional 1,282 shares during 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.

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