The Goldman Sachs Group Issues Positive Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective raised by The Goldman Sachs Group from $80.00 to $88.00 in a research note released on Friday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other research firms have also weighed in on GTLB. Scotiabank increased their price target on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Robert W. Baird increased their target price on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday. Cantor Fitzgerald lifted their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. Bank of America upped their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, BTIG Research raised their target price on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently 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 company has a market capitalization of $10.78 billion, a PE ratio of -209.97 and a beta of 0.54. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53. The business has a fifty day moving average price of $57.91 and a two-hundred day moving average price of $52.20.

Insider Buying and Selling at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was 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 directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This represents 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. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC purchased a new position in GitLab in the third quarter worth $52,000. True Wealth Design LLC bought a new stake in GitLab during the third quarter worth about $56,000. Rakuten Securities Inc. boosted its holdings in shares of GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP increased its position 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 position in shares of GitLab during the 3rd quarter valued at about $96,000. Hedge funds and other 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.