Wells Fargo & Company Raises GitLab (NASDAQ:GTLB) Price Target to $80.00

GitLab (NASDAQ:GTLB) had its target price lifted by research analysts at Wells Fargo & Company from $75.00 to $80.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 19.07% from the stock’s previous close.

Other analysts also recently issued reports about the company. Bank of America raised their target price on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. Morgan Stanley assumed coverage on GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 target price on the stock. DA Davidson reissued a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research report on Monday, October 14th. Finally, KeyCorp upped their price objective on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. Three research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average price target of $74.56.

GitLab Stock Up 1.7 %

Shares of NASDAQ GTLB opened at $67.19 on Friday. The firm has a market cap of $10.78 billion, a PE ratio of -209.97 and a beta of 0.54. The company’s fifty day simple moving average is $57.91 and its 200 day simple moving average is $52.24. GitLab has a 12-month low of $40.72 and a 12-month high of $78.53.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,990 shares of GitLab stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00. Following the sale, the insider now directly owns 136,076 shares in the company, valued at $7,484,180. The trade was a 2.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,033 shares of company stock valued at $10,569,356. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently modified their holdings of GTLB. Future Financial Wealth Managment LLC bought a new position in GitLab during the third quarter valued at $52,000. True Wealth Design LLC purchased a new position in shares of GitLab during the 3rd quarter valued at $56,000. Rakuten Securities Inc. grew its stake 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 acquiring an additional 1,032 shares during the period. Quarry LP increased its holdings in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in GitLab in the 3rd quarter valued at about $96,000. Institutional investors own 91.72% 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.