JPMorgan Chase & Co. Boosts GitLab (NASDAQ:GTLB) Price Target to $65.00

GitLab (NASDAQ:GTLB) had its price target upped by equities research analysts at JPMorgan Chase & Co. from $60.00 to $65.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 3.26% from the stock’s current price.

A number of other analysts also recently weighed in on the company. Bank of America increased their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Baird R W raised GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. BTIG Research lifted their price objective on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company increased their target price on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Robert W. Baird boosted their price target on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday. Three research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $74.56.

GitLab Price Performance

NASDAQ:GTLB opened at $67.19 on Friday. GitLab has a one year low of $40.72 and a one year high of $78.53. The company has a market cap of $10.78 billion, a PE ratio of -209.97 and a beta of 0.54. The firm’s 50 day simple moving average is $57.91 and its 200 day simple moving average is $52.24.

Insiders Place Their Bets

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,033 shares of company stock valued at $10,569,356. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its position in shares of GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after buying an additional 747,712 shares in the last quarter. Primecap Management Co. CA increased its position in shares of GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after acquiring an additional 603,200 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in GitLab in the third quarter worth $30,827,000. Atreides Management LP purchased a new position in GitLab in the third quarter worth $25,605,000. Finally, William Blair Investment Management LLC bought a new position in GitLab in the 2nd quarter valued at $16,071,000. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

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.