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

Shares of GitLab Inc. (NASDAQ:GTLB) have been assigned a consensus rating of “Moderate Buy” from the twenty-seven research firms that are covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $76.42.

A number of research firms have commented on GTLB. Canaccord Genuity Group lifted their price objective on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. increased their price objective on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. The Goldman Sachs Group lifted their target price on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. DA Davidson upped their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, Morgan Stanley boosted their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th.

GitLab Price Performance

Shares of GitLab stock opened at $69.82 on Thursday. The firm’s fifty day simple moving average is $63.69 and its 200-day simple moving average is $57.45. GitLab has a 12 month low of $40.72 and a 12 month high of $76.41. The stock has a market capitalization of $11.33 billion, a price-to-earnings ratio of -218.19 and a beta of 0.63.

Insider Activity

In related news, insider Sytse Sijbrandij sold 84,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 have sold 740,257 shares of company stock worth $44,710,867 over the last ninety days. 21.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of GitLab during the third quarter valued at approximately $119,000. Creative Planning acquired a new position in GitLab in the 3rd quarter valued at $208,000. Blue Trust Inc. lifted its stake in shares of GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after purchasing an additional 488 shares during the period. Lecap Asset Management Ltd. boosted its holdings in shares of GitLab by 337.0% during the third quarter. Lecap Asset Management Ltd. now owns 52,280 shares of the company’s stock worth $2,695,000 after purchasing an additional 40,316 shares during the last quarter. Finally, Cullinan Associates Inc. purchased a new stake in shares of GitLab in the third quarter valued at $2,606,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.