GitLab Inc. (NASDAQ:GTLB) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

GitLab Inc. (NASDAQ:GTLB - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twenty-seven research firms that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $76.42.

A number of analysts have commented on GTLB shares. Royal Bank of Canada boosted their target price on GitLab from $73.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. BTIG Research lifted their price objective on GitLab from $58.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. Barclays raised their target price on shares of GitLab from $55.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Monday, December 9th. Canaccord Genuity Group increased their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Finally, KeyCorp increased their price objective on shares of GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th.

Insider Transactions at GitLab

In other news, 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 transaction of $32,707,389.88. Following the completion of the sale, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the business's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 750,857 shares of company stock valued at $44,545,645. Company insiders own 21.36% of the company's stock.

Institutional Trading of GitLab

Hedge funds have recently made changes to their positions in the stock. Oddo BHF Asset Management Sas acquired a new stake in shares of GitLab in the third quarter worth about $6,865,000. Franklin Resources Inc. raised its position in shares of GitLab by 0.8% in the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock valued at $146,774,000 after purchasing an additional 21,976 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of GitLab in the third quarter worth $98,000. Sanctuary Advisors LLC boosted its holdings in shares of GitLab by 205.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company's stock worth $631,000 after buying an additional 8,242 shares during the period. Finally, Geode Capital Management LLC raised its holdings in GitLab by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock worth $104,476,000 after acquiring an additional 132,548 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Price Performance

GitLab stock traded down $0.12 during mid-day trading on Wednesday, reaching $56.35. The company had a trading volume of 1,766,189 shares, compared to its average volume of 2,448,207. The stock's 50-day simple moving average is $60.27 and its 200-day simple moving average is $53.58. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53. The company has a market capitalization of $9.15 billion, a P/E ratio of -176.09 and a beta of 0.54.

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.