GitLab Inc. (NASDAQ:GTLB) Given Average Recommendation 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 company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, twenty-three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $76.62.

Several research firms have issued reports on GTLB. Canaccord Genuity Group lifted their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Piper Sandler lifted their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Mizuho upped their price target on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Morgan Stanley lifted their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, DA Davidson increased their target price on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, December 6th.

GitLab Stock Down 2.9 %

Shares of NASDAQ:GTLB opened at $62.28 on Thursday. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of -194.63 and a beta of 0.63. GitLab has a 12 month low of $40.72 and a 12 month high of $76.41. The company’s fifty day simple moving average is $64.11 and its 200 day simple moving average is $57.96.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, 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 Securities & Exchange Commission, which is accessible through this link. Also, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value 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.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently modified their holdings of GTLB. Vanguard Group Inc. increased its stake in GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after acquiring an additional 885,955 shares during the period. Norges Bank acquired a new stake in shares of GitLab during the 4th quarter worth $279,089,000. Artisan Partners Limited Partnership increased its position in shares of GitLab by 55.7% in the fourth 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 during the period. Franklin Resources Inc. raised its stake in GitLab by 17.6% in the fourth 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 in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in GitLab by 276.9% during the fourth 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 during the period. 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.