Analysts Set GitLab Inc. (NASDAQ:GTLB) Price Target at $76.42

GitLab Inc. (NASDAQ:GTLB) has earned an average rating of “Moderate Buy” from the twenty-seven research firms that are covering the firm, Marketbeat Ratings reports. Three 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 covered the stock in the last year is $76.62.

Several equities research analysts recently issued reports on GTLB shares. Wells Fargo & Company raised their target price on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. raised their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. Morgan Stanley raised their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada boosted their price target on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th.

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the completion of the transaction, the director now owns 134,733 shares of the company’s stock, valued at $7,947,899.67. This represents a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC raised its holdings in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares in the last quarter. CoreCap Advisors LLC raised its stake in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares in the last quarter. IMG Wealth Management Inc. purchased a new stake in GitLab during the fourth quarter valued at $46,000. True Wealth Design LLC bought a new position in GitLab during the third quarter valued at $56,000. Finally, Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the 4th quarter worth $66,000. 95.04% of the stock is owned by institutional investors.

GitLab Stock Up 0.3 %

Shares of NASDAQ GTLB opened at $61.00 on Thursday. The firm’s 50-day moving average price is $64.28 and its 200-day moving average price is $58.27. GitLab has a 52-week low of $40.72 and a 52-week high of $76.41. The company has a market cap of $9.90 billion, a PE ratio of -190.63 and a beta of 0.63.

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.