Cantor Fitzgerald Forecasts Strong Price Appreciation for GitLab (NASDAQ:GTLB) Stock

GitLab (NASDAQ:GTLB) had its price target raised by equities research analysts at Cantor Fitzgerald from $75.00 to $80.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 19.07% from the company’s current price.

Several other research analysts have also issued reports on the company. Baird R W raised GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Barclays raised their price objective on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Royal Bank of Canada lifted their price objective on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday. UBS Group increased their target price on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Canaccord Genuity Group boosted their price target on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday. Three research 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. According to data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average target price of $74.56.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $67.19 on Friday. The firm has a 50 day moving average price of $57.91 and a two-hundred day moving average price of $52.24. The stock has a market cap of $10.78 billion, a P/E ratio of -209.97 and a beta of 0.54. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were 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 in the company, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock worth $10,569,356 in the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently modified their holdings of the stock. Cetera Advisors LLC bought a new position in shares of GitLab in the first quarter valued at approximately $368,000. M&G Plc bought a new position in GitLab during the 2nd quarter valued at $10,266,000. Wealth Enhancement Advisory Services LLC boosted its holdings in GitLab by 5.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock worth $3,355,000 after acquiring an additional 3,570 shares during the last quarter. Tran Capital Management L.P. grew its stake in shares of GitLab by 127.6% in the 2nd quarter. Tran Capital Management L.P. now owns 200,628 shares of the company’s stock worth $9,975,000 after acquiring an additional 112,490 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of GitLab in the second quarter valued at about $214,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

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.