GitLab Inc. (NASDAQ:GTLB) Receives $71.73 Average Target Price from Analysts

GitLab Inc. (NASDAQ:GTLB) has earned a consensus recommendation of “Moderate Buy” from the twenty-two research firms that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $71.33.

GTLB has been the subject of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Macquarie restated an “outperform” rating and set a $90.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Barclays decreased their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Wells Fargo & Company decreased their target price on GitLab from $85.00 to $65.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Finally, Morgan Stanley decreased their target price on GitLab from $77.00 to $53.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th.

Insider Buying and Selling at GitLab

In other news, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the transaction, the director now owns 144,913 shares in the company, valued at approximately $7,518,086.44. This trade represents a 21.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the transaction, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. This trade represents a 23.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 461,584 shares of company stock worth $23,192,574 over the last 90 days. Company insiders own 16.37% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of large investors have recently added to or reduced their stakes in GTLB. Barclays PLC grew its position in GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after buying an additional 40,171 shares in the last quarter. Janney Montgomery Scott LLC raised its position in GitLab by 11.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 40,446 shares of the company’s stock worth $2,279,000 after purchasing an additional 3,995 shares during the last quarter. Blue Trust Inc. raised its position in GitLab by 68.3% during the 4th quarter. Blue Trust Inc. now owns 5,329 shares of the company’s stock worth $275,000 after purchasing an additional 2,163 shares during the last quarter. KBC Group NV raised its position in shares of GitLab by 60.5% in the 4th quarter. KBC Group NV now owns 4,825 shares of the company’s stock worth $272,000 after acquiring an additional 1,818 shares in the last quarter. Finally, Swedbank AB bought a new position in shares of GitLab in the 4th quarter worth about $9,580,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Price Performance

Shares of GTLB stock opened at $47.39 on Friday. The stock’s fifty day simple moving average is $46.19 and its 200 day simple moving average is $56.25. The firm has a market cap of $7.77 billion, a price-to-earnings ratio of -148.09 and a beta of 0.79. GitLab has a one year low of $37.90 and a one year high of $74.18.

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.