GitLab (NASDAQ:GTLB) Trading 4.2% Higher - What's Next?

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price traded up 4.2% on Tuesday . The company traded as high as $42.72 and last traded at $42.44. 1,350,197 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 2,782,794 shares. The stock had previously closed at $40.71.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GTLB shares. Piper Sandler reaffirmed an "overweight" rating and set a $85.00 price objective on shares of GitLab in a report on Wednesday, June 11th. DA Davidson decreased their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. BTIG Research cut their price target on shares of GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Needham & Company LLC reduced their price objective on shares of GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Finally, KeyCorp lowered their target price on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $63.59.

GitLab Price Performance

The stock has a market cap of $7.44 billion, a price-to-earnings ratio of 450.60 and a beta of 0.75. The stock's 50-day moving average is $46.25 and its 200-day moving average is $53.98.

GitLab (NASDAQ:GTLB - Get Free Report) last released its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate 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 firm's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 earnings per share. Analysts predict that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 45,000 shares of the company's 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 completion of the transaction, the chief financial officer now owns 344,105 shares of the company's stock, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director now directly owns 111,983 shares in the company, valued at approximately $5,039,235. This represents a 2.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 377,300 shares of company stock worth $17,615,809 in the last three months. Company insiders own 16.37% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Truist Financial Corp raised its holdings in shares of GitLab by 32.4% in the 4th quarter. Truist Financial Corp now owns 22,078 shares of the company's stock worth $1,244,000 after purchasing an additional 5,406 shares during the period. First Horizon Advisors Inc. grew its holdings in shares of GitLab by 57.8% during the 4th quarter. First Horizon Advisors Inc. now owns 1,436 shares of the company's stock worth $81,000 after purchasing an additional 526 shares during the period. IFP Advisors Inc increased its position in GitLab by 9.3% during the 4th quarter. IFP Advisors Inc now owns 4,949 shares of the company's stock worth $279,000 after purchasing an additional 423 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of GitLab in the 4th quarter valued at $2,324,000. Finally, US Bancorp DE lifted its holdings in shares of GitLab by 4.1% during the 4th quarter. US Bancorp DE now owns 12,030 shares of the company's stock valued at $678,000 after acquiring an additional 477 shares in 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.