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

GitLab (NASDAQ:GTLB)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They currently have a $85.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 51.11% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Macquarie reaffirmed an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research note on Wednesday, January 15th. KeyCorp upped their price objective on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Canaccord Genuity Group boosted their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Royal Bank of Canada raised their price target on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Barclays lifted their price objective on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $76.27.

GitLab Stock Performance

Shares of GTLB stock opened at $56.25 on Tuesday. GitLab has a 52 week low of $40.72 and a 52 week high of $76.41. The company’s 50 day moving average price is $64.30 and its two-hundred day moving average price is $58.69. The company has a market capitalization of $9.13 billion, a P/E ratio of -175.78 and a beta of 0.63.

Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This represents a 3.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Vanguard Group Inc. lifted 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 buying an additional 885,955 shares in the last quarter. Norges Bank bought a new position in GitLab during the fourth quarter worth about $279,089,000. Artisan Partners Limited Partnership raised its stake in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. boosted its holdings in GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after purchasing an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. grew its position in shares of GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.