GitLab (NASDAQ:GTLB) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of GitLab (NASDAQ:GTLB) in a research report report published on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $85.00 price target on the stock.

A number of other brokerages have also issued reports on GTLB. DA Davidson increased their target price on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Cantor Fitzgerald raised their price objective on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Truist Financial reaffirmed a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Robert W. Baird increased their target price on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, Mizuho boosted their price target on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Three 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Stock Performance

GTLB stock opened at $60.57 on Tuesday. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53. The company has a market capitalization of $9.83 billion, a PE ratio of -189.28 and a beta of 0.57. The company’s 50-day simple moving average is $60.65 and its 200 day simple moving average is $54.11.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 2,990 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares of the company’s stock, valued at approximately $7,484,180. The trade was a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total value of $562,400.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, valued at $15,037,451.20. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 788,187 shares of company stock worth $46,650,909. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. Franklin Resources Inc. increased its stake in GitLab by 0.8% in 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 in the last quarter. State Street Corp increased its position in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after buying an additional 111,997 shares in the last quarter. Geode Capital Management LLC raised its stake in GitLab by 7.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after buying an additional 132,548 shares during the period. Fiera Capital Corp boosted its holdings in GitLab by 1.4% in the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after acquiring an additional 16,961 shares in the last quarter. Finally, Bamco Inc. NY boosted its holdings in GitLab by 0.4% in the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after acquiring an additional 4,874 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

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.