GitLab Inc. (NASDAQ:GTLB) Receives $76.42 Consensus Target Price from Analysts

Shares of GitLab Inc. (NASDAQ:GTLB) have been assigned an average recommendation of “Moderate Buy” from the twenty-seven analysts that are covering the firm, Marketbeat Ratings 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 covered the stock in the last year is $76.42.

Several brokerages have recently commented on GTLB. Truist Financial reiterated a “buy” rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Wells Fargo & Company upped their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Robert W. Baird lifted their target price on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Needham & Company LLC upped their target price on GitLab from $70.00 to $85.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada increased their price target on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, December 6th.

GitLab Trading Up 6.0 %

NASDAQ GTLB opened at $59.76 on Wednesday. The business has a fifty day simple moving average of $60.38 and a 200 day simple moving average of $53.79. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The firm has a market capitalization of $9.70 billion, a P/E ratio of -186.75 and a beta of 0.54.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the sale, the director now owns 58,471 shares in the company, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 788,187 shares of company stock worth $46,650,909. 21.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Everence Capital Management Inc. bought a new stake in shares of GitLab during the 4th quarter valued at about $221,000. Oddo BHF Asset Management Sas purchased a new stake in GitLab in the third quarter valued at approximately $6,865,000. Franklin Resources Inc. lifted its position in GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in GitLab during the third quarter valued at approximately $98,000. Finally, Sanctuary Advisors LLC grew its stake in GitLab by 205.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock worth $631,000 after buying an additional 8,242 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.