GitLab Inc. (NASDAQ:GTLB) Given Consensus Rating of "Moderate Buy" by Analysts

GitLab Inc. (NASDAQ:GTLB - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the twenty-three analysts that are covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $71.73.

Several research firms have issued reports on GTLB. Barclays lowered their target price on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 4th. KeyCorp lowered their price objective on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Wells Fargo & Company cut their target price on shares of GitLab from $85.00 to $65.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Morgan Stanley lowered their price target on GitLab from $77.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the transaction, the director now owns 111,983 shares of the company's stock, valued at approximately $5,039,235. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the transaction, the director now directly owns 493,554 shares of the company's stock, valued at $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 304,734 shares of company stock worth $14,879,081 in the last three months. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently made changes to their positions in GTLB. Cullen Frost Bankers Inc. raised its holdings in shares of GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after acquiring an additional 334 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after purchasing an additional 513 shares during the last quarter. Cloud Capital Management LLC purchased a new stake in GitLab during the first quarter valued at $29,000. CoreCap Advisors LLC lifted its position in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after purchasing an additional 452 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after buying an additional 490 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Price Performance

GTLB stock opened at $45.48 on Tuesday. The stock has a market capitalization of $7.38 billion, a P/E ratio of -142.13 and a beta of 0.79. GitLab has a 1-year low of $37.90 and a 1-year high of $74.18. The business has a fifty day moving average price of $48.49 and a 200-day moving average price of $57.57.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.