GitLab Inc. (NASDAQ:GTLB - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the twenty-three research firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $74.64.
GTLB has been the topic of a number of analyst reports. Wells Fargo & Company raised their target price on GitLab from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. DA Davidson cut their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday. Mizuho decreased their price target on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 4th. Robert W. Baird reduced their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Finally, Truist Financial dropped their price target on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, March 31st.
Check Out Our Latest Stock Analysis on GitLab
Insiders Place Their Bets
In other GitLab news, insider Robin Schulman sold 9,251 shares of the company's stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the transaction, the insider now owns 121,893 shares in the company, valued at approximately $8,532,510. This represents a 7.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of the 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 transaction, the director now directly owns 493,554 shares of the company's stock, valued at $25,832,616.36. This represents a 23.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 221,386 shares of company stock valued at $12,034,334. 21.36% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On GitLab
Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock valued at $740,585,000 after purchasing an additional 885,955 shares during the period. Norges Bank acquired a new stake in shares of GitLab during the 4th quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership boosted its stake in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock worth $176,954,000 after acquiring an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in shares of GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after acquiring an additional 1,583,221 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.
GitLab Stock Down 1.6 %
Shares of GitLab stock traded down $0.72 on Friday, reaching $42.94. 160,197 shares of the stock were exchanged, compared to its average volume of 2,497,745. The business has a 50 day moving average price of $54.83 and a two-hundred day moving average price of $58.28. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of -133.90 and a beta of 0.79. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18.
About GitLab
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Get Free ReportGitLab 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.
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