Needham & Company LLC Reiterates Buy Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They currently have a $85.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 38.08% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada raised their price target on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. DA Davidson lifted their price target on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Canaccord Genuity Group boosted their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Piper Sandler raised 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. Finally, Scotiabank lifted their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Price Performance

GTLB stock opened at $61.56 on Tuesday. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The stock has a market capitalization of $9.99 billion, a price-to-earnings ratio of -192.38 and a beta of 0.57. The business’s fifty day moving average price is $60.53 and its two-hundred day moving average price is $54.00.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Susan L. Bostrom sold 20,000 shares of GitLab stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $56.26, for a total value of $1,125,200.00. Following the transaction, the director now directly owns 184,913 shares in the company, valued at $10,403,205.38. The trade was a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 788,187 shares of company stock worth $46,650,909 in the last ninety days. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of Marin boosted its holdings in GitLab by 3.0% in the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after acquiring an additional 171 shares during the last quarter. Glenmede Trust Co. NA boosted its stake in shares of GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after purchasing an additional 334 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after purchasing an additional 488 shares during the last quarter. Caprock Group LLC increased its position in shares of GitLab by 1.9% during the second quarter. Caprock Group LLC now owns 31,272 shares of the company’s stock worth $1,555,000 after buying an additional 586 shares during the period. Finally, Blair William & Co. IL raised its stake in GitLab by 1.9% during the second quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock worth $2,096,000 after buying an additional 769 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.