GitLab (NASDAQ:GTLB) Price Target Raised to $80.00

GitLab (NASDAQ:GTLB) had its target price boosted by Cantor Fitzgerald from $75.00 to $80.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

GTLB has been the subject of several other reports. DA Davidson reissued a “neutral” rating and set a $50.00 price objective on shares of GitLab in a report on Monday, October 14th. Truist Financial restated a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a report on Friday. Royal Bank of Canada upped their target price on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday. BTIG Research raised their price target on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company upped their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Three 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $74.56.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $67.19 on Friday. The business’s fifty day moving average price is $57.91 and its two-hundred day moving average price is $52.20. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The stock has a market capitalization of $10.78 billion, a price-to-earnings ratio of -209.97 and a beta of 0.54.

Insider Activity

In other news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 1.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robin Schulman sold 2,990 shares of GitLab stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares in the company, valued at approximately $7,484,180. This represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,365 shares of company stock worth $9,674,784. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Cetera Advisors LLC purchased a new position in shares of GitLab in the first quarter valued at $368,000. M&G Plc bought a new stake in shares of GitLab during the second quarter valued at about $10,266,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of GitLab by 5.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock worth $3,355,000 after buying an additional 3,570 shares in the last quarter. Tran Capital Management L.P. boosted its position in shares of GitLab by 127.6% in the second quarter. Tran Capital Management L.P. now owns 200,628 shares of the company’s stock valued at $9,975,000 after acquiring an additional 112,490 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in GitLab during the second quarter valued at approximately $214,000. Institutional investors 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.