Sunday, June 26, 2022

A company insider recently bought 13,528 shares of GitLab Inc. [GTLB]. Should You Buy?

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. GitLab Inc. shares valued at $456,149 were purchased by GV 2021 GP, L.L.C. on May 24. At $33.72 per share, GV 2021 GP, L.L.C. acquired 13,528 shares. The insider’s holdings grew to 593,402 shares worth approximately $31.41 million following the completion of this transaction.

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Also, GV 2021 GP, L.L.C. purchased 76,136 shares, netting a total of over 2,642,642 in proceeds. Following the buying of shares at $34.71 each, the insider now holds 555,831 shares.

Before that, GV 2021 GP, L.L.C. had added 255,647 shares to its account. In a trade valued at $8,858,075, the Member of 10% Group bought GitLab Inc. shares for $34.65 each. Upon closing the transaction, the insider’s holdings increased to 255,647 shares, worth approximately $25.39 million.

As published in their initiating research note from Scotiabank on June 09, 2022, GitLab Inc. [GTLB] has been a Sector outperform and the price target has been revised to $62. This represents a 14.63% premium over Thursday’s closing price. Analysts at RBC Capital Mkts upgraded the stock from ‘”a Sector perform”‘ to ‘”an Outperform”‘ outlook in a report released in early February. As of January 27, 2022, JP Morgan has increased its “Neutral” rating to a “an Overweight” for GTLB. Earlier on January 06, 2022, Piper Sandler upgraded its rating. Their new recommendation was “an Overweight” for GTLB stock which previously was a “a Neutral”.

Analyzing GTLB’s Price Performance

On Thursday, GitLab Inc. [NASDAQ: GTLB] rose 10.55% to $52.93. The stock’s lowest price that day was $46.26, but it reached a high of $54.06 in the same session. During the last five days, there has been a surge of approximately 10.64%. Over the course of the year, GitLab Inc. shares have dropped approximately -39.16%. Nevertheless, trading volume fell to 2.3 million shares from 1.79 million shares the previous day.

Support And Resistance Levels for GitLab Inc. (GTLB)

According to the 24-hour chart, there is a support level at 48.11, which, if violated, would cause prices to drop to 43.28. In the upper region, resistance lies at 55.91. The next price resistance is at 58.88. RSI (Relative Strength Index) is 60.28 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.95, which suggests the price will increase in the coming days. Percent R is at 9.97%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is GitLab Inc. subject to short interest?

Stocks of GitLab Inc. saw a sharp rise in short interest on May 30, 2022 jumping by 0.23 million shares to 5.8 million. Data from Yahoo Finance shows that the short interest on Apr 28, 2022 was 5.57 million shares. A jump of 3.97% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.48 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.48.

Which companies own the most shares of GitLab Inc. (GTLB)?

According to Iconiq Capital LLC filings, the company currently owns 9,773,455 shares, which is about 18.69% of the total GTLB shares outstanding. The investor’s shares have appreciated by 6,998,187 from its previous 13-F filing of 2775268.0 shares. With the completion of the buy transaction, Goldman Sachs & Co. LLC’s stake is now worth $150,470,507. BlackRock Advisors LLC acquire a 14.76% interest valued at $82.17 million while Franklin Advisers, Inc. purchased a 938,832 stake. A total of -341,566 shares of GitLab Inc. were bought by Coatue Management LLC during the quarter, and 1,435,000 by HMI Capital Management LP. In its current portfolio, Marcho Partners LLP holds 1,266,640 shares valued at $49.32 million.

In terms of GitLab Inc. share price expectations, FactSet research, analysts set an average price target of $66.67 in the next 12 months, up nearly 31.58% from the previous closing price of $47.88. Analysts anticipate GitLab Inc. stock to reach $95.00 by 2022, with the lowest price target being $59.00. In spite of this, 10 analysts ranked GitLab Inc. stock as a Buy at the end of 2022. On November 08, 2021, UBS assigned a price target of “a Buy” to the stock and initiated coverage with a $143.

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