GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, Morgan Stanley Analyst Says

GitLab (NASDAQ:GTLB) had its target price hoisted by Morgan Stanley from $70.00 to $77.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 14.60% from the company’s previous close.

Other research analysts have also issued reports about the stock. KeyCorp raised their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Royal Bank of Canada upped their target price on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday. Baird R W upgraded GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Barclays upped their price objective on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Finally, The Goldman Sachs Group lifted their target price on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday. Three research 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $74.56.

GitLab Stock Performance

Shares of GTLB stock opened at $67.19 on Friday. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The firm has a market capitalization of $10.78 billion, a P/E ratio of -209.97 and a beta of 0.54. The stock’s fifty day moving average is $57.91 and its two-hundred day moving average is $52.24.

Insider Buying and Selling

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock valued at $10,569,356 in the last three months. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Cetera Advisors LLC acquired a new stake in GitLab during the 1st quarter worth $368,000. M&G Plc acquired a new stake in shares of GitLab in the 2nd quarter valued at about $10,266,000. Wealth Enhancement Advisory Services LLC grew its stake in GitLab by 5.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock worth $3,355,000 after buying an additional 3,570 shares during the last quarter. Tran Capital Management L.P. grew its stake in GitLab by 127.6% during the 2nd quarter. Tran Capital Management L.P. now owns 200,628 shares of the company’s stock worth $9,975,000 after buying an additional 112,490 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in GitLab during the second quarter worth approximately $214,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.