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

Shares of GitLab Inc. (NASDAQ:GTLB) have received an average recommendation of “Moderate Buy” from the twenty-three research firms that are currently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $71.73.

A number of analysts have recently weighed in on GTLB shares. Royal Bank of Canada reiterated an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Mizuho decreased their target price on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Wells Fargo & Company reduced their price objective on GitLab from $85.00 to $65.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. KeyCorp cut their target price on GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Finally, Barclays cut their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th.

GitLab Stock Down 0.8 %

Shares of NASDAQ:GTLB opened at $49.14 on Tuesday. The firm has a 50-day simple moving average of $47.55 and a 200 day simple moving average of $57.37. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The company has a market cap of $7.98 billion, a PE ratio of -153.56 and a beta of 0.79.

Insider Buying and Selling at GitLab

In other news, Director Susan L. Bostrom sold 40,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the transaction, the director now directly owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the sale, the director now directly owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 304,734 shares of company stock valued at $14,879,081 in the last 90 days. 16.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently made changes to their positions in GTLB. Cullen Frost Bankers Inc. increased its holdings in GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after buying an additional 334 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in shares of GitLab in the 1st quarter valued at $29,000. CoreCap Advisors LLC boosted its holdings in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares in the last quarter. Finally, Harbour Investments Inc. lifted its position in shares of GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock worth $42,000 after buying an additional 734 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.