GitLab (NASDAQ:GTLB) Earns Overweight Rating from Cantor Fitzgerald

GitLab (NASDAQ:GTLB)‘s stock had its “overweight” rating reissued by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $80.00 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 29.47% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Barclays cut their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday. Wells Fargo & Company lifted their price objective on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Scotiabank lifted their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Piper Sandler increased their price objective on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Macquarie reaffirmed an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research report on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $75.36.

GitLab Price Performance

Shares of GitLab stock opened at $61.79 on Tuesday. GitLab has a 1-year low of $40.72 and a 1-year high of $74.18. The stock’s 50 day simple moving average is $64.38 and its 200-day simple moving average is $58.84. The stock has a market cap of $10.03 billion, a P/E ratio of -193.09 and a beta of 0.63.

Insider Buying and Selling at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $58.99, for a total transaction of $191,717.50. Following the transaction, the director now owns 134,733 shares in the company, valued at $7,947,899.67. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd acquired a new position in shares of GitLab during the 3rd quarter valued at about $678,000. State Street Corp increased its position in 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 purchasing an additional 111,997 shares in the last quarter. Barclays PLC increased its holdings in GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new position in GitLab in the 3rd quarter worth approximately $6,865,000. Finally, Barton Investment Management lifted its holdings in GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after buying an additional 167,290 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.