GitLab’s (GTLB) Outperform Rating Reaffirmed at Royal Bank of Canada

GitLab (NASDAQ:GTLB)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They currently have a $80.00 target price on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 29.47% from the company’s current price.

A number of other research analysts also recently weighed in on GTLB. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price target on shares of GitLab in a research note on Tuesday. Barclays dropped their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday. DA Davidson lowered their price objective on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. The Goldman Sachs Group increased their price objective on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. increased their price objective on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and an average target price of $75.36.

GitLab Stock Performance

GTLB stock opened at $61.79 on Tuesday. The stock’s 50 day simple moving average is $64.38 and its 200 day simple moving average is $58.84. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $74.18. The company has a market cap of $10.03 billion, a P/E ratio of -193.09 and a beta of 0.63.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the sale, the chief financial officer now owns 242,803 shares in the company, valued at $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $58.99, for a total value of $191,717.50. Following the sale, the director now owns 134,733 shares in the company, valued at approximately $7,947,899.67. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 740,257 shares of company stock valued at $44,710,867. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors have recently made changes to their positions in the stock. Infinitum Asset Management LLC purchased a new stake in shares of GitLab in the fourth quarter worth $6,762,000. Polar Asset Management Partners Inc. raised its position in shares of GitLab by 120.1% in the fourth quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company’s stock worth $11,805,000 after buying an additional 114,300 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of GitLab by 63.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company’s stock worth $3,972,000 after buying an additional 27,455 shares in the last quarter. JT Stratford LLC purchased a new stake in shares of GitLab in the fourth quarter worth $284,000. Finally, Sone Capital Management LLC purchased a new stake in shares of GitLab in the fourth quarter worth $7,917,000. Hedge funds and other institutional investors own 95.04% 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.