Needham & Company LLC Reaffirms Hold Rating for GitLab (NASDAQ:GTLB)

Needham & Company LLC reissued their hold rating on shares of GitLab (NASDAQ:GTLB) in a research note published on Tuesday, Benzinga reports.

Several other equities analysts have also recently commented on GTLB. Citic Securities started coverage on GitLab in a research note on Monday, June 3rd. They set a buy rating and a $80.00 target price for the company. Cantor Fitzgerald reduced their target price on GitLab from $80.00 to $70.00 and set an overweight rating for the company in a research note on Tuesday, March 5th. Raymond James upgraded GitLab from a market perform rating to an outperform rating and set a $70.00 target price for the company in a research note on Friday, April 12th. Mizuho reduced their target price on GitLab from $70.00 to $62.00 and set a buy rating for the company in a research note on Tuesday. Finally, Truist Financial restated a buy rating and set a $80.00 price objective on shares of GitLab in a research note on Monday, April 1st. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, GitLab presently has an average rating of Moderate Buy and a consensus price target of $67.70.

GitLab Trading Down 1.2 %

GitLab stock opened at $43.59 on Tuesday. The stock has a market cap of $6.91 billion, a P/E ratio of -15.85 and a beta of 0.44. The stock has a 50 day moving average of $53.93 and a 200-day moving average of $59.85. GitLab has a 52 week low of $40.19 and a 52 week high of $78.53.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $54.92, for a total value of $3,075,520.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $54.92, for a total transaction of $3,075,520.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 60,000 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $56.08, for a total value of $3,364,800.00. Following the transaction, the chief financial officer now directly owns 346,146 shares in the company, valued at $19,411,867.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 433,383 shares of company stock worth $23,632,528. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GTLB. Byrne Asset Management LLC acquired a new position in GitLab during the first quarter worth about $33,000. Allspring Global Investments Holdings LLC grew its holdings in GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after acquiring an additional 548 shares during the period. Ramirez Asset Management Inc. acquired a new position in GitLab during the third quarter worth about $36,000. SRS Capital Advisors Inc. acquired a new position in GitLab during the third quarter worth about $40,000. Finally, Banque Cantonale Vaudoise acquired a new position in GitLab during the first quarter worth about $58,000. 91.72% of the stock is owned by institutional investors and hedge funds.

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.