Barclays Forecasts Strong Price Appreciation for GitLab (NASDAQ:GTLB) Stock

GitLab (NASDAQ:GTLB - Free Report) had its price target upped by Barclays from $55.00 to $70.00 in a report published on Monday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other analysts also recently commented on GTLB. DA Davidson increased their price objective on shares of GitLab from $50.00 to $70.00 and gave the company a "neutral" rating in a research report on Friday. BTIG Research boosted their price objective on shares of GitLab from $58.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. The Goldman Sachs Group increased their target price on GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a research note on Friday. Scotiabank boosted their price target on GitLab from $65.00 to $75.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, December 4th. Finally, Robert W. Baird increased their price objective on GitLab from $62.00 to $75.00 and gave the company an "outperform" rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $75.88.

GitLab Trading Down 0.7 %

GitLab stock traded down $0.46 during mid-day trading on Monday, hitting $66.73. The company had a trading volume of 4,682,635 shares, compared to its average volume of 2,403,436. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The company has a market capitalization of $10.71 billion, a PE ratio of -208.53 and a beta of 0.54. The stock's 50 day moving average price is $57.91 and its two-hundred day moving average price is $52.20.

Insider Transactions at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the company's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robin Schulman sold 2,990 shares of the firm's stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the sale, the insider now owns 136,076 shares in the company, valued at $7,484,180. The trade was a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 168,365 shares of company stock valued at $9,674,784 over the last quarter. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GTLB. Future Financial Wealth Managment LLC bought a new stake in GitLab during the third quarter valued at about $52,000. True Wealth Design LLC purchased a new stake in shares of GitLab during the third quarter worth about $56,000. Rakuten Securities Inc. raised its stake in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock valued at $73,000 after purchasing an additional 1,032 shares during the period. Quarry LP lifted its holdings in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company's stock worth $89,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in GitLab in the 3rd quarter worth approximately $96,000. Institutional investors own 95.04% of the company's stock.

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.