Analysts Set GitLab Inc. (NASDAQ:GTLB) Target Price at $76.42

GitLab Inc. (NASDAQ:GTLB - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the twenty-seven analysts that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, twenty-three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $76.62.

A number of analysts have issued reports on the stock. KeyCorp lifted their price target on shares of GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Mizuho boosted their target price on shares of GitLab from $67.00 to $80.00 and gave the stock an "outperform" rating in a report on Monday, December 9th. JPMorgan Chase & Co. boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Needham & Company LLC restated a "buy" rating and issued a $85.00 target price on shares of GitLab in a report on Tuesday, January 7th. Finally, Truist Financial restated a "buy" rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a report on Friday, December 6th.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the sale, the chief financial officer now owns 242,803 shares of the company's stock, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the sale, the director now owns 134,733 shares in the company, valued at approximately $7,947,899.67. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 740,257 shares of company stock valued at $44,710,867. Insiders own 21.36% of the company's stock.

Institutional Trading of GitLab

Large investors have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd acquired a new stake in GitLab in the 3rd quarter valued at approximately $678,000. State Street Corp increased its position in shares of GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after purchasing an additional 111,997 shares during the period. Barclays PLC increased its position in shares of GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company's stock valued at $3,164,000 after purchasing an additional 40,171 shares during the period. Oddo BHF Asset Management Sas acquired a new position in shares of GitLab during the 3rd quarter valued at $6,865,000. Finally, Barton Investment Management increased its position in shares of GitLab by 99.4% during the 4th quarter. Barton Investment Management now owns 335,648 shares of the company's stock valued at $18,914,000 after purchasing an additional 167,290 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Price Performance

Shares of GTLB stock traded down $3.18 on Thursday, hitting $64.27. 1,381,216 shares of the stock traded hands, compared to its average volume of 2,754,000. The firm has a market cap of $10.43 billion, a price-to-earnings ratio of -200.53 and a beta of 0.63. GitLab has a 52 week low of $40.72 and a 52 week high of $76.41. The firm has a 50 day simple moving average of $64.00 and a two-hundred day simple moving average of $57.61.

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.