GitLab's (GTLB) "Buy" Rating Reaffirmed at Needham & Company LLC

GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "buy" rating reiterated by Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They currently have a $85.00 target price on the stock. Needham & Company LLC's price target indicates a potential upside of 40.33% from the company's current price.

A number of other research firms also recently weighed in on GTLB. The Goldman Sachs Group increased their target price on shares of GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Canaccord Genuity Group increased their target price on shares of GitLab from $65.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Barclays increased their target price on shares of GitLab from $55.00 to $70.00 and gave the company an "equal weight" rating in a research report on Monday, December 9th. DA Davidson increased their target price on shares of GitLab from $50.00 to $70.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. Finally, Cantor Fitzgerald raised their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $76.42.

GitLab Stock Down 1.6 %

GTLB stock traded down $0.99 during trading on Tuesday, reaching $60.57. The stock had a trading volume of 2,285,467 shares, compared to its average volume of 2,433,680. GitLab has a one year low of $40.72 and a one year high of $78.53. The company's 50 day moving average is $60.53 and its two-hundred day moving average is $54.00. The company has a market capitalization of $9.83 billion, a price-to-earnings ratio of -189.28 and a beta of 0.57.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares in the company, valued at approximately $16,411,054.77. The trade was a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 788,187 shares of company stock worth $46,650,909 in the last 90 days. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of large investors have recently added to or reduced their stakes in GTLB. Renaissance Technologies LLC grew its holdings in GitLab by 168.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company's stock worth $59,196,000 after acquiring an additional 747,712 shares during the last quarter. Primecap Management Co. CA boosted its stake in shares of GitLab by 269.5% during the 2nd quarter. Primecap Management Co. CA now owns 827,040 shares of the company's stock valued at $41,120,000 after purchasing an additional 603,200 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of GitLab during the 3rd quarter valued at about $30,827,000. Atreides Management LP bought a new stake in shares of GitLab during the 3rd quarter valued at about $25,605,000. Finally, William Blair Investment Management LLC bought a new stake in shares of GitLab during the 2nd quarter valued at about $16,071,000. 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.