GitLab (NASDAQ:GTLB) Receives Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of GitLab (NASDAQ:GTLB) in a report issued 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. Piper Sandler upped their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. TD Cowen upped their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. DA Davidson decreased their price objective on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Canaccord Genuity Group upped their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Truist Financial reiterated 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. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

GitLab Stock Performance

NASDAQ:GTLB opened at $58.25 on Tuesday. GitLab has a 52-week low of $40.72 and a 52-week high of $74.18. The company has a market cap of $9.45 billion, a P/E ratio of -182.03 and a beta of 0.63. The stock’s 50-day simple moving average is $64.35 and its 200 day simple moving average is $58.83.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the sale, the insider now directly owns 121,893 shares in the company, valued at approximately $8,532,510. The trade was a 7.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock valued at $44,710,867 over the last 90 days. 21.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Creative Planning bought a new stake in shares of GitLab during the third quarter valued at approximately $208,000. US Bancorp DE grew its stake in GitLab by 18.6% in the 3rd quarter. US Bancorp DE now owns 11,553 shares of the company’s stock valued at $595,000 after buying an additional 1,808 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in GitLab by 4.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock valued at $1,879,000 after buying an additional 1,388 shares in the last quarter. NorthRock Partners LLC purchased a new stake in shares of GitLab in the third quarter worth $252,000. Finally, M&G PLC raised its stake in GitLab by 2.9% in the third quarter. M&G PLC now owns 211,361 shares of the company’s stock valued at $10,991,000 after purchasing an additional 6,039 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.