GitLab (NASDAQ:GTLB) Price Target Raised to $85.00

GitLab (NASDAQ:GTLB) had its target price upped by Wells Fargo & Company from $80.00 to $85.00 in a research report report published on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently commented on GTLB. Barclays raised their target price on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Mizuho raised their price target on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Piper Sandler upped their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Scotiabank raised their target price on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, Macquarie reaffirmed an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research note on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Trading Down 3.4 %

Shares of NASDAQ:GTLB opened at $67.45 on Thursday. The firm’s 50 day moving average is $63.87 and its two-hundred day moving average is $57.54. The firm has a market capitalization of $10.95 billion, a P/E ratio of -210.78 and a beta of 0.63. GitLab has a 52 week low of $40.72 and a 52 week high of $76.41.

Insider Transactions at GitLab

In other news, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the sale, the director now directly owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock valued at $44,710,867 in the last three months. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after purchasing an additional 885,955 shares during the last quarter. Norges Bank bought a new position in shares of GitLab in the fourth quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership lifted its stake in shares of GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after buying an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after buying an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after buying an additional 1,583,221 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

About GitLab

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.