Robert W. Baird Increases GitLab (NASDAQ:GTLB) Price Target to $75.00

GitLab (NASDAQ:GTLB) had its price target upped by research analysts at Robert W. Baird from $62.00 to $75.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would suggest a potential upside of 11.62% from the stock’s previous close.

Several other brokerages also recently commented on GTLB. Barclays increased their price objective on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. DA Davidson reiterated a “neutral” rating and issued a $50.00 target price on shares of GitLab in a research note on Monday, October 14th. Baird R W raised shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. BTIG Research upped their price objective on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Morgan Stanley assumed coverage on GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $74.56.

GitLab Trading Up 1.7 %

GitLab stock opened at $67.19 on Friday. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The business’s fifty day simple moving average is $57.91 and its two-hundred day simple moving average is $52.24. The company has a market capitalization of $10.78 billion, a price-to-earnings ratio of -209.97 and a beta of 0.54.

Insider Buying and Selling at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the stock in a transaction dated Thursday, September 19th. The stock was 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 in the company, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock valued at $10,569,356 over the last 90 days. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

Several hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. grew its position in shares of GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares in the last quarter. State Street Corp grew its holdings in GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after buying an additional 111,997 shares in the last quarter. Geode Capital Management LLC grew its holdings in GitLab by 7.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after buying an additional 132,548 shares in the last quarter. Fiera Capital Corp increased its stake in GitLab by 1.4% in the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after acquiring an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY raised its holdings in shares of GitLab by 0.4% during the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after acquiring an additional 4,874 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

About GitLab

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.