Canaccord Genuity Group Increases GitLab (NASDAQ:GTLB) Price Target to $78.00

GitLab (NASDAQ:GTLB) had its price objective boosted by equities researchers at Canaccord Genuity Group from $65.00 to $78.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 16.09% from the company’s current price.

Several other research firms have also recently issued reports on GTLB. Bank of America raised their price target on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Monday, October 21st. TD Cowen lifted their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Robert W. Baird boosted their price target on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday. Finally, Scotiabank raised their price objective on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday. Three investment 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’s stock. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average target price of $74.56.

GitLab Stock Up 1.7 %

GTLB opened at $67.19 on Friday. The firm has a market cap of $10.78 billion, a P/E ratio of -209.97 and a beta of 0.54. The business’s fifty day simple moving average is $57.91 and its 200 day simple moving average is $52.24. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares in the company, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robin Schulman sold 2,990 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares in the company, valued at $7,484,180. This trade represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 185,033 shares of company stock valued at $10,569,356. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cetera Advisors LLC acquired a new stake in shares of GitLab during the first quarter valued at about $368,000. M&G Plc acquired a new stake in GitLab during the 2nd quarter valued at approximately $10,266,000. Wealth Enhancement Advisory Services LLC increased 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 purchasing an additional 3,570 shares during the last quarter. Tran Capital Management L.P. raised its position 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 valued at $9,975,000 after purchasing an additional 112,490 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of GitLab during the 2nd quarter valued at approximately $214,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

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.