Needham & Company LLC Forecasts Strong Price Appreciation for GitLab (NASDAQ:GTLB) Stock

GitLab (NASDAQ:GTLB) had its price target raised by Needham & Company LLC from $70.00 to $85.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 26.51% from the company’s current price.

GTLB has been the subject of a number of other research reports. UBS Group boosted 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. Scotiabank boosted their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday. Baird R W raised shares of GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. KeyCorp boosted their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Morgan Stanley started coverage on GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Three analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $74.56.

GitLab Trading Up 1.7 %

Shares of NASDAQ GTLB opened at $67.19 on Friday. The business’s 50 day moving average is $57.91 and its 200-day moving average is $52.24. The firm has a market cap of $10.78 billion, a P/E ratio of -209.97 and a beta of 0.54. GitLab has a 1-year low of $40.72 and a 1-year high of $78.53.

Insider Buying and Selling

In related news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. 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. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently bought and sold shares of GTLB. ARK Investment Management LLC bought a new stake in shares of GitLab during the 3rd quarter valued at about $13,435,000. Mission Creek Capital Partners Inc. lifted its stake in GitLab by 113.9% in the third quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company’s stock valued at $4,119,000 after buying an additional 42,550 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of GitLab by 111.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock worth $17,334,000 after buying an additional 176,967 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of GitLab by 56.1% during the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock worth $18,155,000 after buying an additional 126,578 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in shares of GitLab during the 2nd quarter worth approximately $16,071,000. Institutional investors and hedge funds own 91.72% 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.