GitLab Inc. (NASDAQ:GTLB) Receives Consensus Rating of “Moderate Buy” from Analysts

GitLab Inc. (NASDAQ:GTLB) has earned an average recommendation of “Moderate Buy” from the twenty-four ratings firms that are presently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $75.09.

A number of research analysts have commented on GTLB shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Wells Fargo & Company upped their price objective on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Barclays dropped their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Macquarie restated an “outperform” rating and set a $90.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. dropped 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.

Insider Activity

In other news, Director Matthew Jacobson sold 152,884 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the transaction, the director now directly owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karen Blasing sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the sale, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. This trade represents a 4.82 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,886 shares of company stock worth $17,736,229. 21.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp lifted its position in shares of GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after buying an additional 148 shares during the last quarter. Wilmington Savings Fund Society FSB raised its stake in GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after acquiring an additional 150 shares in the last quarter. OneDigital Investment Advisors LLC lifted its position in GitLab by 4.3% in the fourth 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 last quarter. Utah Retirement Systems boosted its stake in GitLab by 3.1% in the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after acquiring an additional 200 shares in the last quarter. Finally, Mariner LLC grew its holdings in shares of GitLab by 1.7% during the fourth quarter. Mariner LLC now owns 12,583 shares of the company’s stock worth $709,000 after purchasing an additional 214 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

GitLab Stock Down 7.2 %

Shares of GitLab stock opened at $42.98 on Friday. The firm has a market cap of $6.98 billion, a PE ratio of -134.31 and a beta of 0.79. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The business’s fifty day simple moving average is $56.59 and its 200-day simple moving average is $58.46.

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.