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

GitLab (NASDAQ:GTLB)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They currently have a $85.00 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 51.11% from the company’s previous close.

GTLB has been the topic of a number of other research reports. Cantor Fitzgerald lifted 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. KeyCorp lifted their target price on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Scotiabank increased their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Truist Financial restated a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Finally, The Goldman Sachs Group increased their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $76.27.

GitLab Stock Down 6.6 %

Shares of GTLB opened at $56.25 on Tuesday. The stock’s 50-day moving average price is $64.30 and its 200 day moving average price is $58.69. The firm has a market capitalization of $9.13 billion, a price-to-earnings ratio of -175.78 and a beta of 0.63. GitLab has a 12-month low of $40.72 and a 12-month high of $76.41.

Insider Activity

In other GitLab news, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. M&T Bank Corp raised its position in shares of GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after acquiring an additional 148 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after purchasing an additional 150 shares during the period. OneDigital Investment Advisors LLC boosted its position in shares of GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after purchasing an additional 166 shares in the last quarter. Bank of Marin grew its holdings in shares of GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after buying an additional 171 shares during the period. Finally, Utah Retirement Systems increased its position in shares of GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after buying an additional 200 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

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.