GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, Barclays Analyst Says

GitLab (NASDAQ:GTLB) had its price target lifted by stock analysts at Barclays from $55.00 to $70.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 13.67% from the company’s current price.

A number of other research analysts have also recently commented on the company. Canaccord Genuity Group raised their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Morgan Stanley boosted their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Piper Sandler increased their price target on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. The Goldman Sachs Group boosted their price objective on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Robert W. Baird raised their target price on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three equities 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 company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $75.88.

GitLab Stock Down 7.7 %

Shares of GTLB stock opened at $61.58 on Monday. The firm has a market capitalization of $9.88 billion, a price-to-earnings ratio of -192.44 and a beta of 0.54. The stock has a fifty day moving average of $58.22 and a 200 day moving average of $52.27. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53.

Insider Activity

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 sale, the chief accounting officer now directly owns 72,448 shares in the company, 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 filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 178,365 shares of company stock valued at $10,350,684 in the last ninety days. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently modified their holdings of the business. Cetera Advisors LLC bought a new position in GitLab in the 1st quarter worth $368,000. M&G Plc purchased a new position in shares of GitLab during the 2nd quarter valued at about $10,266,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of GitLab by 5.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock valued at $3,355,000 after acquiring an additional 3,570 shares during the period. Tran Capital Management L.P. increased its holdings in GitLab by 127.6% in the 2nd quarter. Tran Capital Management L.P. now owns 200,628 shares of the company’s stock worth $9,975,000 after acquiring an additional 112,490 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in GitLab during the 2nd quarter worth approximately $214,000. Institutional investors own 95.04% 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.