GitLab Inc. (NASDAQ:GTLB) Given Consensus Rating of “Moderate Buy” by Brokerages

GitLab Inc. (NASDAQ:GTLB) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-seven research firms that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, twenty-three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $76.42.

GTLB has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price target on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, December 6th. Wells Fargo & Company upped their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Macquarie initiated coverage on GitLab in a report on Thursday, December 12th. They set an “outperform” rating and a $90.00 price target for the company. Mizuho increased their price objective on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Finally, Truist Financial reiterated a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday, December 6th.

GitLab Trading Down 1.6 %

Shares of NASDAQ GTLB opened at $60.57 on Wednesday. The business has a 50-day moving average price of $60.65 and a two-hundred day moving average price of $54.11. GitLab has a one year low of $40.72 and a one year high of $78.53. The firm has a market capitalization of $9.83 billion, a PE ratio of -189.28 and a beta of 0.57.

Insider Buying and Selling

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.72, for a total value of $177,840.00. Following the transaction, the director now owns 141,233 shares of the company’s stock, valued at $7,728,269.76. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 788,187 shares of company stock valued at $46,650,909 over the last ninety days. 21.36% of the stock is owned by company insiders.

Institutional Trading of GitLab

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in GitLab by 30.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 676,579 shares of the company’s stock valued at $33,640,000 after purchasing an additional 156,582 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in GitLab by 549.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,726 shares of the company’s stock valued at $185,000 after buying an additional 3,152 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in GitLab by 48.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,524 shares of the company’s stock valued at $1,219,000 after acquiring an additional 7,987 shares during the last quarter. Principal Financial Group Inc. grew its holdings in GitLab by 14.6% during the 2nd quarter. Principal Financial Group Inc. now owns 10,324 shares of the company’s stock worth $513,000 after acquiring an additional 1,314 shares during the period. Finally, Maryland State Retirement & Pension System raised its position in shares of GitLab by 36.8% during the 2nd quarter. Maryland State Retirement & Pension System now owns 9,230 shares of the company’s stock valued at $459,000 after acquiring an additional 2,482 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.