GitLab Inc. (NASDAQ:GTLB) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of GitLab Inc. (NASDAQ:GTLB) have earned a consensus recommendation of “Moderate Buy” from the twenty-seven analysts that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, twenty-three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $76.42.

A number of research analysts recently commented on the company. TD Cowen boosted their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. The Goldman Sachs Group upped their price target on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Barclays lifted their price objective on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Royal Bank of Canada upped their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their price target on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $15,037,451.20. This represents a 3.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robin Schulman sold 2,990 shares of GitLab stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the sale, the insider now owns 136,076 shares of the company’s stock, valued at $7,484,180. This represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 788,187 shares of company stock worth $46,650,909. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently made changes to their positions in GTLB. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the 3rd quarter valued at $52,000. True Wealth Design LLC bought a new position in shares of GitLab in the third quarter valued at $56,000. Rakuten Securities Inc. grew its holdings in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the last quarter. Quarry LP increased its position in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of GitLab in the 3rd quarter worth about $96,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $59.76 on Wednesday. The business has a fifty day moving average price of $60.38 and a two-hundred day moving average price of $53.79. The stock has a market capitalization of $9.70 billion, a PE ratio of -186.75 and a beta of 0.54. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53.

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.