GitLab Inc. (NASDAQ:GTLB) Receives $76.42 Average PT from Brokerages

GitLab Inc. (NASDAQ:GTLB) has been assigned a consensus rating of “Moderate Buy” from the twenty-seven analysts that are presently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $76.62.

GTLB has been the topic of a number of research analyst reports. Cantor Fitzgerald boosted their target price on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Morgan Stanley raised their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Royal Bank of Canada upped their price target on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Macquarie restated an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research report on Wednesday, January 15th. Finally, Piper Sandler upped their target price on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th.

GitLab Stock Up 0.3 %

GTLB stock opened at $61.00 on Thursday. The stock’s 50 day moving average is $64.28 and its 200-day moving average is $58.27. GitLab has a twelve month low of $40.72 and a twelve month high of $76.41. The firm has a market capitalization of $9.90 billion, a PE ratio of -190.63 and a beta of 0.63.

Insider Buying and Selling

In other news, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now directly owns 58,471 shares of the company’s stock, valued at $3,491,888.12. The trade was a 90.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 valued at $44,710,867 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in GitLab during the 4th quarter valued at about $279,089,000. Ameriprise Financial Inc. grew its holdings in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after buying an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. raised its holdings in GitLab by 4,042.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after acquiring an additional 1,420,248 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in GitLab by 572.3% in the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock worth $61,654,000 after acquiring an additional 931,396 shares during the last quarter. Hedge funds and other institutional investors 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.