GitLab (NASDAQ:GTLB) Given New $85.00 Price Target at Piper Sandler

GitLab (NASDAQ:GTLB) had its price objective increased by Piper Sandler from $75.00 to $85.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts have also issued reports on the company. Scotiabank lifted their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Bank of America lifted their price target on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Cantor Fitzgerald upgraded shares of GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. DA Davidson reissued a “neutral” rating and issued a $50.00 target price on shares of GitLab in a research report on Monday, October 14th. Finally, Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Monday, October 21st. Three investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.56.

GitLab Price Performance

GitLab stock opened at $67.19 on Friday. The firm’s fifty day moving average price is $57.91 and its 200 day moving average price is $52.20. The company 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.

Insider Buying and Selling

In related news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab 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 disclosure for this sale can be found here. Insiders sold 168,365 shares of company stock valued at $9,674,784 over the last 90 days. 21.36% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

Large investors have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the 3rd quarter worth about $52,000. True Wealth Design LLC acquired a new position in shares of GitLab in the third quarter worth $56,000. Rakuten Securities Inc. lifted its holdings in shares of GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the last quarter. Quarry LP grew its position in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in GitLab during the third quarter worth $96,000. 91.72% of the stock is currently owned by institutional investors.

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.