GitLab (NASDAQ:GTLB) Stock Price Up 1.8% - Time to Buy?

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price shot up 1.8% on Monday . The stock traded as high as $46.82 and last traded at $45.96. 1,381,460 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 3,338,320 shares. The stock had previously closed at $45.14.

Wall Street Analyst Weigh In

GTLB has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Raymond James Financial reduced their price target on GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Cantor Fitzgerald lowered their price objective on GitLab from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Wednesday, June 11th. Cowen reissued a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Finally, Canaccord Genuity Group cut their target price on shares of GitLab from $78.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Stock Down 0.1%

The company has a market capitalization of $7.45 billion, a P/E ratio of 451.10 and a beta of 0.75. The company has a 50-day moving average of $46.29 and a two-hundred day moving average of $53.77.

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

Insider Buying and Selling at GitLab

In other news, Director Matthew Jacobson sold 129,400 shares of GitLab 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 transaction, the director directly owned 551,997 shares in the company, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the sale, the chief financial officer owned 344,105 shares in the company, valued at $18,251,329.20. The trade was a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 509,950 shares of company stock worth $23,238,267 over the last three months. Company insiders own 21.36% of the company's stock.

Hedge Funds Weigh In On GitLab

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