GitLab’s (GTLB) “Buy” Rating Reiterated at Truist Financial

Truist Financial restated their buy rating on shares of GitLab (NASDAQ:GTLB) in a report issued on Friday morning,Benzinga reports. The firm currently has a $90.00 price objective on the stock, up from their prior price objective of $80.00.

Several other research firms have also commented on GTLB. Wells Fargo & Company upped their price target on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Barclays upped their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Bank of America lifted their price target on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Canaccord Genuity Group increased their price objective on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday. Finally, Baird R W upgraded GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $74.56.

GitLab Price Performance

Shares of GTLB opened at $67.19 on Friday. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The stock has a fifty day moving average price of $57.91 and a 200 day moving average price of $52.20. The company has a market cap of $10.78 billion, a P/E ratio of -209.97 and a beta of 0.54.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 168,365 shares of company stock worth $9,674,784. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds have recently modified their holdings of GTLB. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab during the third quarter worth approximately $52,000. True Wealth Design LLC acquired a new position in GitLab in the 3rd quarter valued at approximately $56,000. Rakuten Securities Inc. lifted its position in 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 in the last quarter. Quarry LP boosted its stake in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of GitLab during the 3rd quarter valued at $96,000. Hedge funds and other institutional investors 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.