GitLab (NASDAQ:GTLB) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of GitLab (NASDAQ:GTLB) in a research note released on Tuesday morning,Benzinga reports. They currently have a $80.00 target price on the stock.

GTLB has been the topic of a number of other research reports. Wells Fargo & Company boosted their price target on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Barclays reduced their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday. Truist Financial restated a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Macquarie restated an “outperform” rating and set a $90.00 price target on shares of GitLab in a report on Wednesday, January 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $85.00 price target on shares of GitLab in a report on Tuesday. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.38.

GitLab Trading Down 5.7 %

NASDAQ GTLB opened at $58.25 on Tuesday. GitLab has a 1-year low of $40.72 and a 1-year high of $74.18. The stock has a 50-day moving average of $64.35 and a 200-day moving average of $58.83. The firm has a market cap of $9.45 billion, a PE ratio of -182.03 and a beta of 0.63.

Insider Buying and Selling

In related news, insider Sytse Sijbrandij sold 84,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock worth $44,710,867 in the last 90 days. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. M&T Bank Corp lifted its position in GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after acquiring an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its position in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after acquiring an additional 150 shares in the last quarter. OneDigital Investment Advisors LLC lifted its position in GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after acquiring an additional 166 shares in the last quarter. Bank of Marin lifted its position in GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after acquiring an additional 171 shares in the last quarter. Finally, Utah Retirement Systems lifted its position in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after acquiring an additional 200 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

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.