GitLab (NASDAQ:GTLB) Stock Price Up 3.6% - Here's Why

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares traded up 3.6% during mid-day trading on Thursday . The stock traded as high as $44.35 and last traded at $44.13. 1,152,306 shares traded hands during trading, a decline of 59% from the average session volume of 2,798,826 shares. The stock had previously closed at $42.59.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 11th. Raymond James Financial lowered their target price on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. Robert W. Baird lowered their target price on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Truist Financial restated a "buy" rating and set a $75.00 target price (down previously from $80.00) on shares of GitLab in a research note on Wednesday, June 11th. Finally, Piper Sandler restated an "overweight" rating and set a $85.00 target price on shares of GitLab in a research note on Wednesday, June 11th. 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 stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Trading Up 2.1%

The business's 50 day simple moving average is $46.29 and its 200 day simple moving average is $53.82.

GitLab (NASDAQ:GTLB - Get Free Report) last released its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. During the same quarter last year, the business earned $0.03 EPS. The firm's revenue was up 26.8% compared to the same quarter last year. On average, equities analysts forecast that GitLab Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other GitLab news, Director Matthew Jacobson sold 129,400 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the completion of the sale, the director now directly owns 551,997 shares of the company's stock, valued at $23,360,513.04. This trade represents a 18.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the sale, the chief financial officer now directly owns 344,105 shares of the company's stock, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 506,700 shares of company stock worth $23,092,017. Company insiders own 21.36% of the company's stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in GitLab by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock valued at $631,936,000 after buying an additional 302,864 shares in the last quarter. Norges Bank purchased a new stake in GitLab during the 4th quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership grew its holdings in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. grew its holdings in GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after buying an additional 470,192 shares in the last quarter. Finally, Eminence Capital LP increased its position in GitLab by 13.6% in the first quarter. Eminence Capital LP now owns 2,498,201 shares of the company's stock worth $117,415,000 after purchasing an additional 299,191 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other 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.