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

GitLab Inc. (NASDAQ:GTLB) has been assigned an average rating of “Moderate Buy” from the twenty-four research firms that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $75.52.

GTLB has been the topic of a number of analyst reports. Morgan Stanley raised their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Barclays dropped their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Truist Financial reiterated a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Piper Sandler increased their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, KeyCorp increased their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. The trade was a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value of $2,075,200.00. Following the transaction, the director now directly owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 764,011 shares of company stock valued at $45,750,733. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC lifted its stake in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after buying an additional 513 shares during the last quarter. CoreCap Advisors LLC lifted its stake in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. purchased a new stake in GitLab in the fourth quarter valued at approximately $46,000. True Wealth Design LLC purchased a new stake in GitLab in the third quarter valued at approximately $56,000. Finally, Raleigh Capital Management Inc. purchased a new stake in GitLab in the fourth quarter valued at approximately $66,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $50.95 on Monday. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of -159.22 and a beta of 0.67. GitLab has a 12 month low of $40.72 and a 12 month high of $74.18. The firm’s 50 day simple moving average is $62.77 and its 200-day simple moving average is $59.34.

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.