Morgan Stanley Raises GitLab (NASDAQ:GTLB) Price Target to $77.00

GitLab (NASDAQ:GTLB) had its price target boosted by Morgan Stanley from $70.00 to $77.00 in a research report released on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also issued reports on GTLB. Scotiabank increased 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. Truist Financial reissued a “buy” rating and set a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday. TD Cowen increased their target price 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. BTIG Research increased their target price on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, UBS Group raised their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three investment 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 stock. According to data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $74.56.

GitLab Stock Up 1.7 %

GTLB opened at $67.19 on Friday. The stock has a market cap of $10.78 billion, a PE ratio of -209.97 and a beta of 0.54. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The company has a fifty day moving average of $57.91 and a 200-day moving average of $52.20.

Insider Transactions at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders 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

Several hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. grew its stake in 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 acquiring an additional 21,976 shares in the last quarter. State Street Corp lifted its position in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares during the last quarter. Geode Capital Management LLC lifted its position in 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 last quarter. Fiera Capital Corp lifted its position in GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after purchasing an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY lifted its position in GitLab by 0.4% during the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after purchasing an additional 4,874 shares during the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

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.