GitLab’s (GTLB) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of GitLab (NASDAQ:GTLB) in a research report report published on Tuesday,Benzinga reports. The firm currently has a $85.00 price objective on the stock.

Several other analysts have also issued reports on GTLB. Cantor Fitzgerald upped their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Piper Sandler increased their price objective on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. JPMorgan Chase & Co. boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Truist Financial reiterated a “buy” rating and issued a $90.00 price target (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Finally, Macquarie began coverage on shares of GitLab in a research note on Thursday, December 12th. They set an “outperform” rating and a $90.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $61.64 on Tuesday. The stock has a market capitalization of $10.00 billion, a PE ratio of -192.63 and a beta of 0.57. The company’s 50-day moving average price is $60.95 and its two-hundred day moving average price is $54.22. GitLab has a one year low of $40.72 and a one year high of $78.53.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 785,197 shares of company stock worth $46,486,459 in the last 90 days. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Renaissance Technologies LLC lifted its position in shares of GitLab by 168.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after purchasing an additional 747,712 shares during the period. Primecap Management Co. CA grew its holdings in shares of GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after buying an additional 603,200 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of GitLab in the third quarter worth approximately $30,827,000. Atreides Management LP bought a new position in shares of GitLab in the third quarter valued at approximately $25,605,000. Finally, William Blair Investment Management LLC bought a new stake in shares of GitLab in the 2nd quarter worth $16,071,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.