GitLab Inc. (NASDAQ:GTLB) Receives $75.38 Average Price Target from Analysts

GitLab Inc. (NASDAQ:GTLB) has earned a consensus rating of “Moderate Buy” from the twenty-five analysts that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, twenty-one have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $75.38.

GTLB has been the topic of a number of recent analyst reports. Robert W. Baird decreased their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. JPMorgan Chase & Co. reduced their price objective on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Truist Financial reissued a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Barclays reduced their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, March 4th.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The transaction 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 on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the transaction, the director now owns 58,471 shares of the company’s stock, valued at approximately $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. In the last ninety days, insiders sold 727,007 shares of company stock worth $43,843,249. 21.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. M&T Bank Corp boosted its holdings in GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after acquiring an additional 148 shares during the period. Wilmington Savings Fund Society FSB boosted its holdings in GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after acquiring an additional 150 shares during the period. OneDigital Investment Advisors LLC boosted its holdings in GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after acquiring an additional 166 shares during the period. Utah Retirement Systems boosted its holdings in GitLab by 3.1% during the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after acquiring an additional 200 shares during the period. Finally, Mariner LLC boosted its holdings in GitLab by 1.7% during the 4th quarter. Mariner LLC now owns 12,583 shares of the company’s stock valued at $709,000 after acquiring an additional 214 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $51.60 on Monday. GitLab has a 1 year low of $40.72 and a 1 year high of $74.18. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of -161.25 and a beta of 0.67. The business’s 50 day moving average price is $63.16 and its 200-day moving average price is $59.24.

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.