One of Gitlab’s (NASDAQ:GTLB) major corporate insiders engaged in a huge insider buy transaction recently. Gitlab is an open-source code repository and collaborative software development platform for large DevOps and DevSecOps projects.
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As per the SEC filing, GV 2021 GP, L.L.C., a “Member of 10% Group,” bought 706,292 shares of GTLB stock in multiple transactions on May 3 and May 4, for a total consideration of $19.5 million. The total value of its holdings in the stock now stands at about $70.7 million.
According to TipRanks’ data, GV 2021 GP had previously bought the company’s shares worth $19 million in March 2023.
It is noteworthy that the firm has had a 67% success rate in its six transactions over the past three months, with an average return of 41.8% per transaction.
Overall, corporate insiders have bought GTLB shares worth $38.5 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in Gitlab stock is currently Positive.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is GitLab a Good Buy?
Gitlab’s innovative platform provides users with increased speed and efficiency. Also, about 3,300 code contributors offer upgrades and additions to the open source. Further, the company introduced new AI-driven features, along with plans to expand those features to resolve security vulnerabilities. These factors are likely to support customer retention.
Currently, Wall Street is optimistic about GTLB stock. It has a Strong Buy consensus rating based on 12 Buy and three Hold recommendations. The average stock price target of $45.38 implies an upside potential of 63.8%.
Supporting the insiders’ stance, hedge funds have also increased their holdings of the stock. In the last quarter, hedge funds bought 724.6K shares of GTLB. Overall, GTLB scores a Smart Score of eight on TipRanks, pointing to its potential to outperform.
