GitLab (NASDAQ:GTLB) Trading Up 2.6% - Here's What Happened

GitLab Inc. (NASDAQ:GTLB - Get Free Report) was up 2.6% during mid-day trading on Thursday . The stock traded as high as $46.74 and last traded at $46.31. Approximately 915,634 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 3,369,103 shares. The stock had previously closed at $45.14.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Macquarie reaffirmed an "outperform" rating and set a $75.00 target price on shares of GitLab in a research report on Wednesday, June 25th. Canaccord Genuity Group decreased their target price on GitLab from $78.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, June 12th. Cowen reiterated a "buy" rating on shares of GitLab in a report on Friday, June 6th. Cantor Fitzgerald decreased their price objective on GitLab from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Wednesday, June 11th. Finally, Scotiabank cut their price objective on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating on the stock in a report on Friday, June 6th. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Stock Up 2.5%

The firm has a market capitalization of $7.65 billion, a PE ratio of 463.16 and a beta of 0.74. The company has a 50-day moving average of $46.50 and a 200 day moving average of $53.56.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data 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. 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 period in the prior year, the business earned $0.03 earnings per share. GitLab's revenue for the quarter was up 26.8% compared to the same quarter last year. As a group, equities analysts anticipate that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at GitLab

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 transaction, the director directly owned 551,997 shares in the company, valued at $23,360,513.04. This trade represents a 18.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $41.44, for a total transaction of $4,500,384.00. The disclosure for this sale can be found here. In the last three months, insiders sold 509,950 shares of company stock worth $23,238,267. 16.37% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

Institutional investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. increased its holdings in shares of GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after acquiring an additional 334 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings 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 acquiring an additional 513 shares during the last quarter. Cloud Capital Management LLC bought a new position in GitLab in the 1st quarter valued at approximately $29,000. Twin Tree Management LP bought a new position in GitLab in the 1st quarter valued at approximately $29,000. Finally, CoreCap Advisors LLC boosted its stake in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after purchasing an additional 452 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.