Needham & Company LLC Reaffirms Buy Rating for GitLab (NASDAQ:GTLB)

Needham & Company LLC reaffirmed their buy rating on shares of GitLab (NASDAQ:GTLB) in a report released on Tuesday morning,Benzinga reports. They currently have a $85.00 price objective on the stock.

Several other brokerages have also recently commented on GTLB. TD Cowen boosted their price objective 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. DA Davidson increased their price target on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Truist Financial reaffirmed a “buy” rating and issued a $90.00 price target (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Barclays raised their target price on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Finally, Piper Sandler lifted their target price on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Up 1.8 %

NASDAQ GTLB opened at $61.64 on Tuesday. The firm has a market cap of $10.00 billion, a P/E ratio of -192.63 and a beta of 0.57. The company’s 50 day moving average is $60.95 and its 200-day moving average is $54.22. GitLab has a 12-month low of $40.72 and a 12-month high of $78.53.

Insider Activity

In other news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.72, for a total transaction of $177,840.00. Following the transaction, the director now owns 141,233 shares in the company, valued at $7,728,269.76. This trade represents a 2.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 785,197 shares of company stock valued at $46,486,459 over the last three months. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several large investors have recently added to or reduced their stakes in GTLB. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab during the third quarter worth about $52,000. True Wealth Design LLC bought a new position in shares of GitLab in the 3rd quarter valued at about $56,000. Rakuten Securities Inc. increased its position 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 purchasing an additional 1,032 shares during the last quarter. Quarry LP lifted its holdings in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of GitLab in the third quarter worth approximately $96,000. 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.