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

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

Several brokerages recently weighed in on GTLB. Piper Sandler increased their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Needham & Company LLC increased their price objective on GitLab from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Baird R W raised shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Morgan Stanley upped their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, BTIG Research raised their price target on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th.

GitLab Price Performance

GTLB stock opened at $58.60 on Friday. The stock has a market capitalization of $9.41 billion, a price-to-earnings ratio of -183.13 and a beta of 0.54. The company has a 50-day moving average of $58.91 and a two-hundred day moving average of $52.43. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53.

Insider Buying and Selling

In related news, insider Robin Schulman sold 2,990 shares of GitLab stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the sale, the insider now directly owns 136,076 shares in the company, valued at $7,484,180. This trade represents a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the company’s 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 in the company, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 178,365 shares of company stock worth $10,350,684 in the last 90 days. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently modified their holdings of the business. ARK Investment Management LLC acquired a new stake in GitLab during the 3rd quarter worth $13,435,000. Mission Creek Capital Partners Inc. grew its stake in shares of GitLab by 113.9% during the third quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company’s stock worth $4,119,000 after purchasing an additional 42,550 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in GitLab by 111.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock valued at $17,334,000 after purchasing an additional 176,967 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in GitLab by 56.1% during the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock worth $18,155,000 after buying an additional 126,578 shares during the last quarter. Finally, William Blair Investment Management LLC acquired a new position in shares of GitLab during the 2nd quarter worth about $16,071,000. 95.04% of the stock is owned by institutional investors.

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.