GitLab (NASDAQ:GTLB) Trading 1.1% Higher - Time to Buy?

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price traded up 1.1% on Monday . The company traded as high as $42.06 and last traded at $41.67. 2,074,809 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 2,747,152 shares. The stock had previously closed at $41.23.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GTLB shares. Truist Financial reiterated a "buy" rating and issued a $75.00 price target (down from $80.00) on shares of GitLab in a report on Wednesday, June 11th. Piper Sandler restated an "overweight" rating and set a $85.00 target price on shares of GitLab in a report on Wednesday, June 11th. Mizuho lowered their price objective on GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a research report 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 report on Wednesday, June 11th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $50.00 price target (down from $63.00) on shares of GitLab in a research note on Wednesday, June 11th. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $63.59.

GitLab Trading Up 1.5%

The business has a 50-day moving average price of $46.45 and a 200-day moving average price of $55.28. The stock has a market cap of $6.86 billion, a PE ratio of -130.81 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period in the previous year, the business earned $0.03 EPS. GitLab's quarterly revenue was up 26.8% on a year-over-year basis. Equities analysts expect that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total value of $167,635.00. Following the completion of the transaction, the director now owns 108,733 shares of the company's stock, valued at $5,608,448.14. The trade was a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is owned by insiders.

Hedge Funds Weigh In On GitLab

A number of hedge funds have recently modified their holdings of GTLB. EverSource Wealth Advisors LLC lifted its position in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after buying an additional 513 shares during the last quarter. Cullen Frost Bankers Inc. lifted its holdings in shares of GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after acquiring an additional 334 shares during the last quarter. CoreCap Advisors LLC boosted its position in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after purchasing an additional 452 shares during the period. Twin Tree Management LP acquired a new stake in GitLab in the 1st quarter valued at approximately $29,000. Finally, Cloud Capital Management LLC acquired a new position in GitLab during the first quarter worth $29,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Company Profile

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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