GitLab Inc. (NASDAQ:GTLB) Receives $58.67 Average Target Price from Analysts

GitLab Inc. (NASDAQ:GTLB) has been assigned an average recommendation of “Moderate Buy” from the twenty-eight brokerages that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $58.6667.

GTLB has been the subject of several recent research reports. Guggenheim initiated coverage on GitLab in a report on Thursday, September 11th. They set a “buy” rating and a $70.00 price objective for the company. KeyCorp dropped their price target on shares of GitLab from $60.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, September 4th. Truist Financial cut their price objective on shares of GitLab from $75.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, September 4th. JPMorgan Chase & Co. lowered their target price on shares of GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a report on Wednesday, June 11th. Finally, Zacks Research upgraded shares of GitLab from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 9th.

GitLab Stock Up 0.9%

GTLB stock opened at $46.91 on Friday. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The company has a market cap of $7.82 billion, a P/E ratio of -1,172.75 and a beta of 0.73. The business has a fifty day moving average of $45.99 and a 200-day moving average of $45.93.

Insider Buying and Selling

In related news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $50.08, for a total transaction of $162,760.00. Following the transaction, the director owned 100,639 shares of the company’s stock, valued at $5,040,001.12. This trade represents a 3.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Jacobson sold 396,147 shares of the business’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $50.53, for a total transaction of $20,017,307.91. Following the transaction, the director owned 73,299 shares of the company’s stock, valued at approximately $3,703,798.47. This represents a 84.39% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,224,362 shares of company stock worth $59,723,796. Corporate insiders own 16.37% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently made changes to their positions in GTLB. Eminence Capital LP lifted its holdings in GitLab by 148.9% during the second quarter. Eminence Capital LP now owns 6,218,607 shares of the company’s stock worth $280,521,000 after acquiring an additional 3,720,406 shares in the last quarter. Atreides Management LP increased its position in shares of GitLab by 867.3% during the second quarter. Atreides Management LP now owns 3,938,198 shares of the company’s stock worth $177,652,000 after acquiring an additional 3,531,070 shares in the last quarter. Champlain Investment Partners LLC raised its holdings in shares of GitLab by 251.3% during the second quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company’s stock worth $203,545,000 after acquiring an additional 3,227,717 shares during the period. 1832 Asset Management L.P. lifted its position in GitLab by 2,456.8% in the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company’s stock valued at $107,865,000 after acquiring an additional 2,205,238 shares in the last quarter. Finally, Norges Bank acquired a new position in GitLab in the 2nd quarter worth $93,489,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.