Needham & Company LLC Reaffirms Buy Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They currently have a $85.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 37.90% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. Cantor Fitzgerald increased their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. KeyCorp boosted their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Royal Bank of Canada raised their price target on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Scotiabank boosted their price objective on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, TD Cowen raised their target price on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Performance

Shares of GTLB opened at $61.64 on Tuesday. The company has a 50 day moving average price of $60.79 and a 200-day moving average price of $54.17. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The stock has a market capitalization of $10.00 billion, a PE ratio of -192.63 and a beta of 0.57.

Insiders Place Their Bets

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $13,776,642.22. This represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 785,197 shares of company stock valued at $46,486,459. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its stake in shares of GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after acquiring an additional 21,976 shares in the last quarter. State Street Corp boosted its position in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Geode Capital Management LLC grew its holdings in GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after purchasing an additional 132,548 shares during the period. Fiera Capital Corp increased its position in shares of GitLab by 1.4% in the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after buying an additional 16,961 shares in the last quarter. Finally, Bamco Inc. NY raised its stake in shares of GitLab by 0.4% during the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after buying an additional 4,874 shares during the period. Hedge funds and other 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.