Analysts Set GitLab Inc. (NASDAQ:GTLB) PT at $75.38

GitLab Inc. (NASDAQ:GTLB) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-five brokerages that are currently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $75.38.

A number of research firms have weighed in on GTLB. Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. KeyCorp increased their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. The Goldman Sachs Group increased their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Scotiabank increased their price target on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Finally, DA Davidson dropped their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th.

Insider Activity at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the sale, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 727,007 shares of company stock worth $43,843,249 over the last quarter. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently bought and sold shares of GTLB. Sumitomo Mitsui Trust Group Inc. boosted its position in GitLab by 6,821.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after purchasing an additional 293,332 shares in the last quarter. Victory Capital Management Inc. boosted its position in GitLab by 56.1% in the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock worth $18,155,000 after purchasing an additional 126,578 shares in the last quarter. OneDigital Investment Advisors LLC purchased a new stake in GitLab in the 3rd quarter worth approximately $200,000. Claro Advisors LLC purchased a new stake in GitLab in the 3rd quarter worth approximately $811,000. Finally, Thrivent Financial for Lutherans lifted its position in shares of GitLab by 128.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after buying an additional 312,119 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Stock Up 3.4 %

GTLB stock opened at $51.60 on Monday. The business’s fifty day simple moving average is $63.16 and its two-hundred day simple moving average is $59.24. GitLab has a twelve month low of $40.72 and a twelve month high of $74.18. The firm has a market cap of $8.37 billion, a price-to-earnings ratio of -161.25 and a beta of 0.67.

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.