GitLab’s (GTLB) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of GitLab (NASDAQ:GTLB) in a research note issued to investors on Tuesday,Benzinga reports. Cantor Fitzgerald currently has a $80.00 price objective on the stock.

A number of other brokerages have also recently issued reports on GTLB. TD Cowen increased their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Barclays cut their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday. Wells Fargo & Company lifted their price objective on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Macquarie restated an “outperform” rating and set a $90.00 target price on shares of GitLab in a report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. upped their price target on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $75.38.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $58.25 on Tuesday. The stock has a market capitalization of $9.45 billion, a price-to-earnings ratio of -182.03 and a beta of 0.63. The business’s fifty day moving average price is $64.35 and its two-hundred day moving average price is $58.83. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $74.18.

Insider Activity

In related news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the transaction, the director now directly owns 134,733 shares in the company, valued at approximately $7,947,899.67. The trade was a 2.36 % decrease in their position. The sale was disclosed in a document filed 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 Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. The trade was a 3.96 % 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 in the last quarter. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after acquiring an additional 885,955 shares during the period. Norges Bank acquired a new stake in shares of GitLab in the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership lifted its holdings in shares of GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after buying an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after buying an additional 1,583,221 shares in the last quarter. 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.