GitLab’s (GTLB) Buy Rating Reaffirmed at Needham & Company LLC

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

Several other equities analysts have also weighed in on the company. KeyCorp raised their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. TD Cowen boosted their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. DA Davidson upped their target price on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Wells Fargo & Company lifted their price target on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Morgan Stanley upped their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Down 1.6 %

GTLB stock opened at $60.57 on Tuesday. The firm has a 50 day moving average of $60.65 and a two-hundred day moving average of $54.11. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The company has a market capitalization of $9.83 billion, a price-to-earnings ratio of -189.28 and a beta of 0.57.

Insider Activity

In other GitLab news, insider Robin Schulman sold 2,990 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the sale, the insider now owns 136,076 shares in the company, valued at approximately $7,484,180. This trade represents a 2.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 788,187 shares of company stock worth $46,650,909. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GTLB. Y Intercept Hong Kong Ltd acquired a new position in GitLab in the third quarter valued at about $678,000. State Street Corp grew its stake in shares of GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after acquiring an additional 111,997 shares in the last quarter. Barclays PLC lifted its position in GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after buying an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in GitLab in the third quarter valued at approximately $6,865,000. Finally, ARK Investment Management LLC bought a new stake in GitLab during the third quarter worth $13,435,000. 95.04% of the stock is currently 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.