GitLab (NASDAQ:GTLB) Sees Strong Trading Volume (2024)

GitLab Inc. (NASDAQ:GTLB – Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 1,404,238 shares traded hands during mid-day trading, a decline of 43% from the previous session’s volume of 2,482,749 shares.The stock last traded at $46.68 and had previously closed at $47.07.

Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of GitLab in a research report on Tuesday. Barclays lowered their target price on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Tuesday. TD Cowen cut their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 5th. Mizuho lowered their price target on GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, BTIG Research cut their price objective on GitLab from $71.00 to $58.00 and set a “buy” rating for the company in a research report on Tuesday. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average target price of $67.70.

Check Out Our Latest Stock Analysis on GTLB

GitLab Trading Up 0.3 %

The firm has a market capitalization of $7.12 billion, a price-to-earnings ratio of -16.32 and a beta of 0.44. The stock has a fifty day moving average price of $54.51 and a 200-day moving average price of $59.99.

GitLab (NASDAQ:GTLB – Get Free Report) last released its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.07. GitLab had a negative return on equity of 18.68% and a negative net margin of 68.52%. The firm had revenue of $163.80 million during the quarter, compared to analyst estimates of $157.89 million. During the same period in the prior year, the company posted ($0.26) earnings per share. The business’s revenue for the quarter was up 33.3% compared to the same quarter last year. On average, equities analysts expect that GitLab Inc. will post -0.96 EPS for the current year.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 230,000 shares of GitLab stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $53.59, for a total value of $12,325,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sytse Sijbrandij sold 230,000 shares of GitLab stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Erin Mannix sold 958 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $59.53, for a total transaction of $57,029.74. Following the transaction, the chief accounting officer now owns 74,908 shares in the company, valued at approximately $4,459,273.24. The disclosure for this sale can be found here. Insiders sold 433,383 shares of company stock valued at $23,632,528 in the last ninety days. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently made changes to their positions in the company. Fiera Capital Corp raised its holdings in GitLab by 0.5% during the 4th quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after purchasing an additional 5,446 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of GitLab by 10.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after buying an additional 51,612 shares during the last quarter. Invesco Ltd. lifted its holdings in GitLab by 71.3% in the third quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock valued at $191,590,000 after buying an additional 1,762,944 shares during the period. Wellington Management Group LLP boosted its stake in GitLab by 280.3% in the third quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after acquiring an additional 463,584 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in GitLab by 12.9% in the fourth quarter. Teacher Retirement System of Texas now owns 6,324 shares of the company’s stock valued at $398,000 after acquiring an additional 722 shares during the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

About GitLab

(Get Free Report)

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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