GitLab Inc. (NASDAQ:GTLB) Given Average Rating of “Moderate Buy” by Brokerages

GitLab Inc. (NASDAQ:GTLB) has earned an average recommendation of “Moderate Buy” from the twenty-seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, twenty-three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $76.42.

Several equities analysts have issued reports on GTLB shares. Barclays raised their price objective on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Morgan Stanley raised their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. TD Cowen boosted their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Canaccord Genuity Group raised their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Piper Sandler upped their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th.

GitLab Trading Down 0.2 %

Shares of GitLab stock opened at $56.35 on Wednesday. The company has a fifty day simple moving average of $60.20 and a 200-day simple moving average of $53.56. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of -176.09 and a beta of 0.54. GitLab has a 12-month low of $40.72 and a 12-month high of $78.53.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 750,857 shares of company stock valued at $44,545,645. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of Marin increased its stake in shares of GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after purchasing an additional 171 shares in the last quarter. Glenmede Trust Co. NA boosted its stake in GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after buying an additional 334 shares during the last quarter. Blue Trust Inc. boosted its position in shares of GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after acquiring an additional 488 shares during the last quarter. Caprock Group LLC grew its stake in shares of GitLab by 1.9% during the 2nd quarter. Caprock Group LLC now owns 31,272 shares of the company’s stock valued at $1,555,000 after buying an additional 586 shares during the period. Finally, Blair William & Co. IL increased its holdings in shares of GitLab by 1.9% during the 2nd quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock worth $2,096,000 after buying an additional 769 shares during the last quarter. Hedge funds and other institutional investors own 95.04% 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.