Brokerages Set GitLab Inc. (NASDAQ:GTLB) Target Price at $74.56

Shares of GitLab Inc. (NASDAQ:GTLB) have earned an average recommendation of “Moderate Buy” from the twenty-six research firms that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, twenty-two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $75.88.

A number of analysts have recently weighed in on GTLB shares. Bank of America raised their target price on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Morgan Stanley boosted their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. The Goldman Sachs Group upped their target price on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. TD Cowen raised their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Finally, DA Davidson upped their price objective on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, December 6th.

Insider Activity at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 178,365 shares of company stock valued at $10,350,684. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several large investors have recently made changes to their positions in GTLB. Bank of Marin lifted its stake in GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after purchasing an additional 171 shares during the last quarter. Moloney Securities Asset Management LLC raised its stake in GitLab by 4.9% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after acquiring an additional 300 shares during the period. Glenmede Trust Co. NA raised its position in shares of GitLab by 3.0% in the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after purchasing an additional 334 shares during the period. Canton Hathaway LLC raised its holdings in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after acquiring an additional 435 shares during the period. Finally, Blue Trust Inc. lifted its position in GitLab by 18.2% during the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after acquiring an additional 488 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Trading Down 1.5 %

NASDAQ:GTLB opened at $60.68 on Friday. The stock has a market capitalization of $9.74 billion, a P/E ratio of -189.63 and a beta of 0.54. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53. The firm has a 50 day moving average of $58.67 and a 200-day moving average of $52.37.

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.