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

Shares of GitLab Inc. (NASDAQ:GTLB) have earned an average rating of “Moderate Buy” from the twenty-seven ratings firms that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation, twenty-three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $76.42.

Several research firms have weighed in on GTLB. KeyCorp upped their price target on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Cantor Fitzgerald lifted their price objective 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. Wells Fargo & Company upped their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Macquarie restated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a report on Wednesday, January 15th. Finally, The Goldman Sachs Group upped 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.

Insider Buying and Selling

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the company’s stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the sale, the insider now owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. The trade was a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 818,283 shares of company stock valued at $49,251,690. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC acquired a new position in GitLab in the third quarter valued at about $52,000. True Wealth Design LLC acquired a new stake in shares of GitLab in the third quarter valued at $56,000. Raleigh Capital Management Inc. acquired a new stake in GitLab in the 4th quarter valued at about $66,000. Rakuten Securities Inc. lifted its position in shares of GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Finally, Quarry LP lifted its stake in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Stock Performance

GTLB opened at $69.38 on Friday. The stock has a market cap of $11.26 billion, a price-to-earnings ratio of -216.81 and a beta of 0.57. The firm’s fifty day moving average is $62.16 and its 200 day moving average is $55.59. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53.

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.