GitLab Inc. (NASDAQ:GTLB) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of GitLab Inc. (NASDAQ:GTLB) have been given an average rating of “Moderate Buy” by the twenty-seven research firms that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $76.42.

Several equities research analysts have recently issued reports on GTLB shares. Cantor Fitzgerald raised their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Needham & Company LLC restated a “buy” rating and set a $85.00 price target on shares of GitLab in a research note on Tuesday, January 7th. Wells Fargo & Company raised their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. DA Davidson raised their price target on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a report on Friday, December 6th.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 825,698 shares of company stock valued at $49,549,749. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab in the third quarter valued at about $52,000. True Wealth Design LLC purchased a new position in shares of GitLab in the third quarter valued at about $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the fourth quarter valued at about $66,000. Rakuten Securities Inc. increased its position in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares during the period. Finally, Quarry LP increased its position in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after acquiring an additional 1,502 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Stock Performance

NASDAQ:GTLB opened at $64.79 on Friday. The firm has a market cap of $10.52 billion, a price-to-earnings ratio of -202.47 and a beta of 0.57. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53. The firm has a 50-day moving average price of $61.66 and a two-hundred day moving average price of $55.18.

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.