DA Davidson Forecasts Strong Price Appreciation for GitLab (NASDAQ:GTLB) Stock

GitLab (NASDAQ:GTLB) had its price target upped by research analysts at DA Davidson from $50.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. DA Davidson’s target price points to a potential upside of 4.18% from the stock’s current price.

A number of other equities analysts also recently commented on GTLB. JPMorgan Chase & Co. lifted their price objective on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday. Barclays increased their price target on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Piper Sandler lifted their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday. KeyCorp raised their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, 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 note on Friday. Three analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $74.56.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $67.19 on Friday. The company has a market cap of $10.78 billion, a P/E ratio of -209.97 and a beta of 0.54. The stock’s fifty day moving average price is $57.91 and its 200-day moving average price is $52.24. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53.

Insider Activity

In related news, insider Robin Schulman sold 2,990 shares of the stock in a transaction that occurred 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 approximately $7,484,180. This represents a 2.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold a total of 185,033 shares of company stock valued at $10,569,356 in the last 90 days. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of GTLB. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab in the 3rd quarter worth approximately $52,000. True Wealth Design LLC acquired a new stake in shares of GitLab during the third quarter worth $56,000. Rakuten Securities Inc. raised 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 worth $73,000 after purchasing an additional 1,032 shares during the period. Quarry LP boosted its holdings in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of GitLab during the 3rd quarter valued at about $96,000. 91.72% of the stock is owned by hedge funds and other 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.