GitLab Inc. (NASDAQ:GTLB) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts have given GitLab Inc. (NASDAQ:GTLB) an average rating of "Moderate Buy", with 19 out of 27 analysts recommending buy and one assigning a strong buy rating.
• The average twelve-month price target for GitLab shares is approximately $58.67, with several analysts updating their ratings recently.
• Insider trading activity has seen significant share sales, with insiders selling over 1.2 million shares valued at nearly $59.7 million in the past 90 days.

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) have received an average recommendation of "Moderate Buy" from the twenty-seven ratings firms that are presently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation, nineteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $58.6667.

GTLB has been the topic of a number of research reports. Cowen reiterated a "buy" rating on shares of GitLab in a report on Friday, June 6th. Capital One Financial lowered shares of GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price on the stock. in a report on Wednesday, July 16th. Rosenblatt Securities reiterated a "buy" rating and set a $58.00 target price on shares of GitLab in a report on Thursday, September 4th. Canaccord Genuity Group reduced their target price on shares of GitLab from $76.00 to $70.00 and set a "buy" rating on the stock in a report on Thursday, September 4th. Finally, Guggenheim initiated coverage on shares of GitLab in a report on Thursday, September 11th. They set a "buy" rating and a $70.00 target price on the stock.

GitLab Stock Performance

Shares of GTLB stock opened at $46.49 on Friday. The firm's 50 day moving average price is $46.01 and its 200-day moving average price is $46.02. GitLab has a one year low of $37.90 and a one year high of $74.18. The firm has a market cap of $7.75 billion, a P/E ratio of -1,162.25 and a beta of 0.73.

Insider Activity

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $50.08, for a total value of $162,760.00. Following the sale, the director directly owned 100,639 shares of the company's stock, valued at approximately $5,040,001.12. This represents a 3.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Simon Mundy sold 5,191 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $43.99, for a total transaction of $228,352.09. Following the completion of the sale, the chief accounting officer directly owned 53,507 shares in the company, valued at approximately $2,353,772.93. This represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,224,362 shares of company stock valued at $59,723,796. 16.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of large investors have recently modified their holdings of GTLB. Cullen Frost Bankers Inc. increased its position in shares of GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after purchasing an additional 334 shares during the last quarter. Cloud Capital Management LLC purchased a new stake in shares of GitLab in the 1st quarter valued at approximately $29,000. Twin Tree Management LP purchased a new stake in shares of GitLab in the 1st quarter valued at approximately $29,000. Harbour Investments Inc. grew its position in shares of GitLab by 447.6% in the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company's stock valued at $42,000 after buying an additional 734 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after buying an additional 490 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other 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.

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.