GitLab Inc. (NASDAQ:GTLB) Receives $76.42 Average Target Price from Analysts

GitLab Inc. (NASDAQ:GTLB) has been given a consensus rating of “Moderate Buy” by the twenty-seven brokerages that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $76.42.

Several analysts have issued reports on GTLB shares. KeyCorp lifted their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Barclays lifted their target price on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Piper Sandler upped their price target on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Finally, Wells Fargo & Company boosted their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th.

GitLab Stock Up 6.0 %

Shares of NASDAQ:GTLB opened at $59.76 on Wednesday. The firm has a market cap of $9.70 billion, a price-to-earnings ratio of -186.75 and a beta of 0.54. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The company’s fifty day simple moving average is $60.38 and its 200 day simple moving average is $53.71.

Insider Buying and Selling

In other news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.72, for a total value of $177,840.00. Following the completion of the sale, the director now owns 141,233 shares of the company’s stock, valued at approximately $7,728,269.76. The trade was a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robin Schulman sold 2,990 shares of the firm’s 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 transaction, the insider now directly owns 136,076 shares in the company, valued at approximately $7,484,180. This represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 788,187 shares of company stock valued at $46,650,909. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in shares of GitLab by 30.1% in the second quarter. Bank of New York Mellon Corp now owns 676,579 shares of the company’s stock valued at $33,640,000 after buying an additional 156,582 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of GitLab by 549.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,726 shares of the company’s stock valued at $185,000 after acquiring an additional 3,152 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of GitLab by 48.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,524 shares of the company’s stock valued at $1,219,000 after acquiring an additional 7,987 shares during the period. Principal Financial Group Inc. grew its holdings in shares of GitLab by 14.6% during the 2nd quarter. Principal Financial Group Inc. now owns 10,324 shares of the company’s stock worth $513,000 after purchasing an additional 1,314 shares in the last quarter. Finally, Maryland State Retirement & Pension System increased its position in shares of GitLab by 36.8% in the second quarter. Maryland State Retirement & Pension System now owns 9,230 shares of the company’s stock worth $459,000 after purchasing an additional 2,482 shares during the period. Institutional investors own 95.04% of the company’s stock.

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.