Gitlab Inc (NASDAQ: GTLB) stock jumped 0.51% on Monday to $47.05 against a previous-day closing price of $46.81. With 1.48 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.72 million shares. During the session, the Software – Application company that operates in wider Technology sector, reached to the highest price of $48.69 whereas the lowest price it dropped to was $46.44. The 52-week range on GTLB shows that it touched its highest point at $58.70 and its lowest point at $26.24 during that stretch. It currently has a 1-year price target of $59.41. Beta for the stock currently stands at 0.28.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of GTLB was up-trending over the past week, with a rise of 4.07%, but this was up by 6.16% over a month. Three-month performance surged to 4.63% while six-month performance rose 35.90%. The stock gained 14.56% in the past year, while it has gained 3.54% so far this year. A look at the trailing 12-month EPS for GTLB yields -1.26 with Next year EPS estimates of 0.16. For the next quarter, that number is -0.01. This implies an EPS growth rate of 87.29% for this year and 378.62% for next year.
Float and Shares Shorts:
At present, 154.61 million GTLB shares are outstanding with a float of 94.70 million shares on hand for trading. On Oct 30, 2023, short shares totaled 8.34 million, which was 5.39% higher than short shares on Sep 28, 2023. In addition to Mr. Sytse Sijbrandij as the firm’s Co-Founder, Chairman, President & CEO, Mr. Brian G. Robbins serves as its Chief Financial Officer.
Institutional Ownership:
Through their ownership of 82.63% of GTLB’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 42.31% of GTLB, in contrast to 36.71% held by mutual funds. Shares owned by individuals account for 24.33%. As the largest shareholder in GTLB with 7.88% of the stake, The Vanguard Group, Inc. holds 8,197,979 shares worth 8,197,979. A second-largest stockholder of GTLB, HMI Capital Management LP, holds 7,264,113 shares, controlling over 6.98% of the firm’s shares. Morgan Stanley Investment Managem is the third largest shareholder in GTLB, holding 6,283,455 shares or 6.04% stake. With a 3.34% stake in GTLB, the American Funds Small Cap World Fu is the largest stakeholder. A total of 3,479,717 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.46% of GTLB stock, is the second-largest Mutual Fund holder. It holds 2,562,602 shares valued at 110.91 million. Vanguard Small Cap Index Fund holds 2.03% of the stake in GTLB, owning 2,113,683 shares worth 91.48 million.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for GTLB since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With GTLB analysts setting a high price target of $70.00 and a low target of $48.00, the average target price over the next 12 months is $59.41. Based on these targets, GTLB could surge 48.78% to reach the target high and rise by 2.02% to reach the target low. Reaching the average price target will result in a growth of 26.27% from current levels.
Summary of Insider Activity:
Insiders traded GTLB stock several times over the past three months with 3 Buys and 20 Sells. In these transactions, 731,481 shares were bought while 2,811,630 shares were sold. The number of buy transactions has increased to 38 while that of sell transactions has risen to 94 over the past year. The total number of shares bought during that period was 13,704,982 while 18,727,778 shares were sold.
