GitLab Inc. (NASDAQ:GTLB) Receives $76.42 Average Price Target from Analysts

GitLab Inc. (NASDAQ:GTLB) has been given an average recommendation of “Moderate Buy” by the twenty-seven analysts that are covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, twenty-three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $76.62.

Several research firms have recently weighed in on GTLB. TD Cowen boosted their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. JPMorgan Chase & Co. upped their price objective on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Barclays increased their price objective on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Royal Bank of Canada increased their price objective on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, Piper Sandler increased their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th.

Insider Activity at GitLab

In other GitLab 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 owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $16,411,054.77. The trade was a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock valued at $44,710,867 in the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in GitLab in the fourth quarter valued at $279,089,000. Ameriprise Financial Inc. boosted its holdings in GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after acquiring an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock valued at $82,011,000 after acquiring an additional 1,420,248 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in GitLab by 572.3% in the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock valued at $61,654,000 after acquiring an additional 931,396 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Stock Performance

GitLab stock opened at $64.12 on Thursday. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $76.41. The company has a market capitalization of $10.41 billion, a P/E ratio of -200.38 and a beta of 0.63. The stock has a 50-day simple moving average of $64.11 and a 200-day simple moving average of $57.76.

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.