GitLab (NASDAQ:GTLB) Price Target Raised to $75.00

GitLab (NASDAQ:GTLB) had its price objective upped by Robert W. Baird from $62.00 to $75.00 in a research report released on Friday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

GTLB has been the subject of several other reports. Scotiabank raised their price objective on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. KeyCorp raised their price objective on GitLab from $62.00 to $74.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. UBS Group raised their target price on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $50.00 target price on shares of GitLab in a research report on Monday, October 14th. 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 stock. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $74.56.

GitLab Stock Up 1.7 %

GTLB opened at $67.19 on Friday. The firm has a market cap of $10.78 billion, a PE ratio of -209.97 and a beta of 0.54. The business has a fifty day simple moving average of $57.91 and a 200-day simple moving average of $52.20. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53.

Insider Buying and Selling at GitLab

In other news, CAO Erin Mannix sold 1,433 shares of GitLab 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 transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 168,365 shares of company stock worth $9,674,784 over the last three months. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently made changes to their positions in GTLB. Renaissance Technologies LLC increased its stake in shares of GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after purchasing an additional 747,712 shares during the period. Primecap Management Co. CA increased its stake in GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after acquiring an additional 603,200 shares during the period. Los Angeles Capital Management LLC bought a new position in GitLab during the third quarter valued at about $30,827,000. Atreides Management LP bought a new position in GitLab during the third quarter valued at about $25,605,000. Finally, William Blair Investment Management LLC bought a new position in GitLab during the second quarter valued at about $16,071,000. 91.72% of the stock is currently owned by institutional investors.

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.