GitLab Inc. (NASDAQ:GTLB) Given Average Rating of "Moderate Buy" by Brokerages

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the twenty-five research firms that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages 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 research reports. Scotiabank lifted their target price on GitLab from $65.00 to $75.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. decreased their target price on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. KeyCorp lifted their target price on GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. TD Cowen lifted their target price on GitLab from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, November 21st. Finally, Mizuho decreased their target price on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th.

Insider Activity

In other news, insider Robin Schulman sold 2,996 shares of the business's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now owns 129,223 shares of the company's stock, valued at $7,233,903.54. The trade was a 2.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company's stock, valued at $15,037,451.20. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 727,007 shares of company stock valued at $43,843,249 in the last quarter. Company insiders own 21.36% of the company's stock.

Remove Ads

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its holdings in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after purchasing an additional 513 shares during the period. CoreCap Advisors LLC grew its stake in GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab in the 4th quarter valued at about $46,000. True Wealth Design LLC acquired a new position in shares of GitLab during the 3rd quarter worth approximately $56,000. Finally, Raleigh Capital Management Inc. acquired a new position in shares of GitLab during the 4th quarter worth approximately $66,000. 95.04% of the stock is owned by institutional investors.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded down $0.44 during midday trading on Monday, hitting $51.16. The company's stock had a trading volume of 2,019,719 shares, compared to its average volume of 2,418,645. The stock has a market capitalization of $8.30 billion, a price-to-earnings ratio of -159.88 and a beta of 0.67. The stock's 50 day simple moving average is $63.16 and its 200 day simple moving average is $59.24. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $74.18.

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.