GitLab (NASDAQ:GTLB) Price Target Raised to $70.00

GitLab (NASDAQ:GTLB) had its price target raised by DA Davidson from $50.00 to $70.00 in a report issued on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts have also weighed in on GTLB. Cantor Fitzgerald upped their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Scotiabank upped their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. TD Cowen increased their price objective on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Royal Bank of Canada increased their price objective on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Piper Sandler increased their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $74.56.

GitLab Stock Up 1.7 %

Shares of GTLB stock opened at $67.19 on Friday. The firm has a market capitalization of $10.78 billion, a price-to-earnings ratio of -209.97 and a beta of 0.54. GitLab has a 12-month low of $40.72 and a 12-month high of $78.53. The firm has a fifty day moving average of $57.91 and a 200-day moving average of $52.20.

Insider Buying and Selling at GitLab

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

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently bought and sold shares of the company. Oddo BHF Asset Management Sas acquired a new position in shares of GitLab during the third quarter valued at about $6,865,000. Franklin Resources Inc. raised its holdings in shares of GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of GitLab during the third quarter valued at about $98,000. Sanctuary Advisors LLC raised its holdings in shares of GitLab by 205.9% during the third quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock valued at $631,000 after purchasing an additional 8,242 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after purchasing an additional 132,548 shares during the period. Institutional investors and hedge funds own 91.72% 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.