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

GitLab (NASDAQ:GTLB)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They currently have a $85.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 37.56% from the company’s current price.

Several other equities research analysts have also commented on GTLB. Truist Financial restated a “buy” rating and issued a $90.00 price target (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Scotiabank raised their price target on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Cantor Fitzgerald raised their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. KeyCorp raised their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Macquarie restated an “outperform” rating and set a $90.00 target price on shares of GitLab in a 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. According to data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $75.36.

GitLab Trading Down 1.6 %

Shares of NASDAQ:GTLB opened at $61.79 on Tuesday. The firm’s 50 day moving average is $64.38 and its two-hundred day moving average is $58.84. GitLab has a 52 week low of $40.72 and a 52 week high of $74.18. The firm has a market capitalization of $10.03 billion, a P/E ratio of -193.09 and a beta of 0.63.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $15,037,451.20. This trade represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robin Schulman sold 2,996 shares of the firm’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 completion of the sale, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock worth $44,710,867 in the last quarter. 21.36% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Infinitum Asset Management LLC acquired a new stake in GitLab in the 4th quarter worth $6,762,000. Polar Asset Management Partners Inc. grew its position in GitLab by 120.1% in the 4th quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company’s stock worth $11,805,000 after purchasing an additional 114,300 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in GitLab by 63.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company’s stock worth $3,972,000 after purchasing an additional 27,455 shares during the last quarter. JT Stratford LLC acquired a new stake in GitLab in the 4th quarter worth $284,000. Finally, Sone Capital Management LLC acquired a new stake in GitLab in the 4th quarter worth $7,917,000. 95.04% of the stock is currently 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.