GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

GitLab (NASDAQ:GTLB) had its target price raised by analysts at The Goldman Sachs Group from $80.00 to $88.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 30.97% from the stock’s current price.

A number of other research firms also recently weighed in on GTLB. JPMorgan Chase & Co. boosted their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday. Canaccord Genuity Group raised their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday. Royal Bank of Canada increased their price target on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday. Truist Financial restated a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday. Finally, Robert W. Baird upped their target price on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday. Three investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $74.56.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $67.19 on Friday. The business has a 50-day moving average of $57.91 and a 200-day moving average of $52.24. The stock has a market capitalization of $10.78 billion, a price-to-earnings ratio of -209.97 and a beta of 0.54. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53.

Insiders Place Their Bets

In related news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock worth $10,569,356 in the last quarter. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GTLB. Cetera Advisors LLC bought a new stake in shares of GitLab during the 1st quarter valued at approximately $368,000. M&G Plc bought a new position in shares of GitLab in the 2nd quarter valued at $10,266,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of GitLab by 5.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock valued at $3,355,000 after acquiring an additional 3,570 shares during the last quarter. Tran Capital Management L.P. boosted its holdings in shares of GitLab by 127.6% during the 2nd quarter. Tran Capital Management L.P. now owns 200,628 shares of the company’s stock valued at $9,975,000 after acquiring an additional 112,490 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in GitLab during the 2nd quarter worth $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.