GitLab’s (GTLB) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of GitLab (NASDAQ:GTLB) in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a $80.00 price objective on the stock.

Several other equities analysts have also commented on the stock. KeyCorp increased their price target on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Mizuho cut their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research note on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price target on shares of GitLab in a research note on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday. Finally, TD Cowen lifted their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Three investment 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $75.38.

GitLab Trading Up 11.6 %

Shares of GTLB opened at $62.80 on Tuesday. The firm has a 50-day moving average price of $64.35 and a 200 day moving average price of $58.82. GitLab has a 12-month low of $40.72 and a 12-month high of $74.18. The firm has a market capitalization of $10.19 billion, a P/E ratio of -196.25 and a beta of 0.63.

Insider Activity at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the transaction, the director now directly owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 in the last 90 days. 21.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GTLB. Y Intercept Hong Kong Ltd bought a new position in shares of GitLab in the 3rd quarter worth about $678,000. State Street Corp raised its position in shares of GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after acquiring an additional 111,997 shares in the last quarter. Barclays PLC raised its position in shares of GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after acquiring an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of GitLab in the 3rd quarter worth about $6,865,000. Finally, Barton Investment Management raised its position in shares of GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after acquiring an additional 167,290 shares in the last quarter. 95.04% of the stock is 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.