GitLab (NASDAQ:GTLB) Price Target Raised to $80.00

GitLab (NASDAQ:GTLB) had its price target increased by Royal Bank of Canada from $73.00 to $80.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an outperform rating on the stock.

GTLB has been the topic of several other research reports. DA Davidson reaffirmed a “neutral” rating and set a $50.00 price objective on shares of GitLab in a report on Monday, October 14th. BTIG Research raised their price objective on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company lifted their price target on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday. Bank of America upped their price objective on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Cantor Fitzgerald raised shares of GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus price target of $74.56.

GitLab Price Performance

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

Insider Buying and Selling

In other news, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $59.41, for a total transaction of $193,082.50. Following the sale, the director now directly owns 137,983 shares of the company’s stock, valued at approximately $8,197,570.03. This represents a 2.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction on 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. Over the last three months, insiders have sold 168,365 shares of company stock valued at $9,674,784. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of large investors have recently bought and sold shares of GTLB. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab in the 3rd quarter valued at approximately $52,000. True Wealth Design LLC bought a new position in GitLab in the third quarter valued at approximately $56,000. Rakuten Securities Inc. raised its position in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP lifted its stake in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of GitLab in the 3rd quarter valued at $96,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

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.