GitLab (NASDAQ:GTLB) Price Target Raised to $85.00

GitLab (NASDAQ:GTLB) had its target price lifted by Needham & Company LLC from $70.00 to $85.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently commented on GTLB. Baird R W raised shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. TD Cowen raised their target price on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Bank of America lifted their price target on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald upgraded shares of GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. Finally, Canaccord Genuity Group upped their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday. Three research 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. According to MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average target price of $74.56.

GitLab Stock Up 1.7 %

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

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the 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 sale, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 168,365 shares of company stock valued at $9,674,784 in the last three months. 21.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Large investors have recently made changes to their positions in the company. Future Financial Wealth Managment LLC bought a new stake in GitLab during the 3rd quarter valued at about $52,000. True Wealth Design LLC purchased a new position in GitLab in the third quarter valued at about $56,000. Rakuten Securities Inc. raised its stake in shares of GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares in the last quarter. Quarry LP lifted its holdings in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in GitLab in the third quarter valued at about $96,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

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.