GitLab (NASDAQ:GTLB) Price Target Raised to $65.00

GitLab (NASDAQ:GTLB) had its target price hoisted by JPMorgan Chase & Co. from $60.00 to $65.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other brokerages have also weighed in on GTLB. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday. Needham & Company LLC boosted their target price on GitLab from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Friday. Bank of America raised their price target on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, DA Davidson reissued a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Three research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.56.

GitLab Price Performance

NASDAQ:GTLB opened at $67.19 on Friday. The company has a market capitalization of $10.78 billion, a price-to-earnings ratio of -209.97 and a beta of 0.54. The business has a 50 day moving average of $57.91 and a 200 day moving average of $52.20. GitLab has a 1-year low of $40.72 and a 1-year high of $78.53.

Insiders Place Their Bets

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 2,990 shares of GitLab stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the transaction, the insider now directly owns 136,076 shares of the company’s stock, valued at $7,484,180. This trade represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 168,365 shares of company stock worth $9,674,784. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently modified their holdings of the business. Future Financial Wealth Managment LLC bought a new position in GitLab during the 3rd quarter valued at about $52,000. True Wealth Design LLC bought a new position in shares of GitLab during the 3rd quarter valued at $56,000. Rakuten Securities Inc. boosted its stake in shares of GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares during the last quarter. Quarry LP grew its holdings in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of GitLab in the third quarter worth $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.