Wells Fargo & Company Raises GitLab (NASDAQ:GTLB) Price Target to $85.00

GitLab (NASDAQ:GTLB) had its price objective boosted by Wells Fargo & Company from $80.00 to $85.00 in a research note published on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages have also recently issued reports on GTLB. Canaccord Genuity Group boosted their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Royal Bank of Canada raised their price target on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. Macquarie reiterated an “outperform” rating and set a $90.00 target price on shares of GitLab in a research report on Wednesday, January 15th. Finally, KeyCorp boosted their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Trading Down 4.9 %

Shares of GitLab stock opened at $64.12 on Thursday. The company has a fifty day simple moving average of $64.11 and a 200-day simple moving average of $57.76. GitLab has a 12-month low of $40.72 and a 12-month high of $76.41. The stock has a market cap of $10.41 billion, a price-to-earnings ratio of -200.38 and a beta of 0.63.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the sale, the director now directly owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd acquired a new stake in GitLab during the third quarter worth $678,000. State Street Corp grew its holdings in shares of GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after purchasing an additional 111,997 shares during the last quarter. Barclays PLC raised its stake in shares of GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after acquiring an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in shares of GitLab in the 3rd quarter valued at $6,865,000. Finally, Barton Investment Management increased its position in GitLab by 99.4% in the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after purchasing an additional 167,290 shares during the period. Institutional investors own 95.04% of the company’s stock.

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.