GitLab’s (GTLB) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of GitLab (NASDAQ:GTLB) in a report issued on Tuesday morning,Benzinga reports. They currently have a $80.00 target price on the stock.

Several other brokerages have also issued reports on GTLB. Barclays dropped their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday. DA Davidson decreased their price objective on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, February 28th. The Goldman Sachs Group boosted their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, December 6th. Mizuho decreased their price objective on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and set a $85.00 price objective on shares of GitLab in a report on Tuesday. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

GitLab Stock Performance

Shares of GTLB opened at $58.25 on Tuesday. GitLab has a 52-week low of $40.72 and a 52-week high of $74.18. The business’s 50 day moving average price is $64.35 and its two-hundred day moving average price is $58.83. The firm has a market cap of $9.45 billion, a PE ratio of -182.03 and a beta of 0.63.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the transaction, the insider now owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock valued at $44,710,867 over the last ninety days. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its position in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC grew its position in shares of GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares in the last quarter. IMG Wealth Management Inc. bought a new stake in GitLab during the fourth quarter valued at $46,000. True Wealth Design LLC bought a new stake in GitLab during the third quarter valued at $56,000. Finally, Raleigh Capital Management Inc. bought a new stake in GitLab during the fourth quarter valued at $66,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.