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

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

Several equities analysts have recently weighed in on the company. TD Cowen lifted their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Baird R W raised shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Piper Sandler increased their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. The Goldman Sachs Group boosted their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Mizuho increased their target price on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, December 9th.

Insiders Place Their Bets

In related news, insider Robin Schulman sold 2,990 shares of GitLab stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the sale, the insider now owns 136,076 shares of the company’s stock, valued at approximately $7,484,180. The trade was a 2.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 178,365 shares of company stock valued at $10,350,684 over the last 90 days. 21.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

Institutional investors have recently made changes to their positions in the company. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the 3rd quarter worth approximately $52,000. True Wealth Design LLC bought a new position in GitLab during the 3rd quarter worth $56,000. Rakuten Securities Inc. lifted its holdings in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares in the last quarter. Quarry LP boosted its position in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after acquiring an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of GitLab in the third quarter valued at about $96,000. Institutional investors own 95.04% of the company’s stock.

GitLab Trading Down 4.0 %

Shares of GitLab stock opened at $58.60 on Friday. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The company has a market capitalization of $9.41 billion, a PE ratio of -183.13 and a beta of 0.54. The stock’s fifty day simple moving average is $58.91 and its 200 day simple moving average is $52.43.

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.