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

GitLab (NASDAQ:GTLB) had its price target lifted by Wells Fargo & Company from $75.00 to $80.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts have also weighed in on GTLB. Piper Sandler upped their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday. BTIG Research increased their price objective on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. KeyCorp raised their target price on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Royal Bank of Canada increased their price target on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Finally, DA Davidson restated a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research report on Monday, October 14th. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average 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 firm has a market capitalization of $10.78 billion, a price-to-earnings ratio of -209.97 and a beta of 0.54. The business’s 50 day simple moving average is $57.91 and its 200-day simple moving average is $52.20. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53.

Insiders Place Their Bets

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robin Schulman sold 2,990 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the sale, the insider now owns 136,076 shares of the company’s stock, valued at $7,484,180. The trade was a 2.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 168,365 shares of company stock valued at $9,674,784 over the last quarter. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently made changes to their positions in GTLB. Renaissance Technologies LLC raised its position in GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after purchasing an additional 747,712 shares during the period. Primecap Management Co. CA raised its holdings in shares of GitLab by 269.5% during the 2nd quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after buying an additional 603,200 shares during the period. Los Angeles Capital Management LLC acquired a new position in GitLab during the 3rd quarter worth approximately $30,827,000. Atreides Management LP acquired a new position in GitLab during the 3rd quarter worth approximately $25,605,000. Finally, William Blair Investment Management LLC purchased a new position in GitLab in the 2nd quarter worth approximately $16,071,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.