GitLab Inc. (NASDAQ:GTLB) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of GitLab Inc. (NASDAQ:GTLB) have earned a consensus rating of “Moderate Buy” from the twenty-three analysts that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, nineteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $74.64.

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. decreased their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Wells Fargo & Company boosted their price target on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Macquarie restated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Truist Financial dropped their target price on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, Royal Bank of Canada restated an “outperform” rating and set a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th.

Insider Transactions at GitLab

In other news, 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 owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This trade represents a 21.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 221,386 shares of company stock valued at $12,034,334 in the last three months. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp raised its holdings in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after acquiring an additional 111,997 shares during the period. XTX Topco Ltd acquired a new position in shares of GitLab during the 3rd quarter worth about $531,000. MML Investors Services LLC bought a new stake in GitLab during the 3rd quarter valued at approximately $1,685,000. Y Intercept Hong Kong Ltd acquired a new stake in GitLab in the 3rd quarter valued at approximately $678,000. Finally, Barclays PLC increased its position in GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after buying an additional 40,171 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Price Performance

GTLB opened at $43.65 on Friday. The stock’s 50 day moving average price is $54.83 and its 200 day moving average price is $58.28. The stock has a market cap of $7.08 billion, a P/E ratio of -136.41 and a beta of 0.79. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18.

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.