GitLab Inc. (NASDAQ:GTLB) Given Average Rating of "Moderate Buy" by Brokerages

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) have earned an average recommendation of "Moderate Buy" from the twenty-two analysts that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation, eighteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $71.33.

A number of equities analysts have recently commented on the stock. Wells Fargo & Company reduced their target price on shares of GitLab from $85.00 to $65.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Truist Financial reduced their target price on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. DA Davidson reduced their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Cantor Fitzgerald reissued an "overweight" rating and set a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Finally, Robert W. Baird cut their price objective on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd.

Insider Transactions at GitLab

In other news, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the completion of the sale, the director now directly owns 144,913 shares in the company, valued at approximately $7,518,086.44. The trade was a 21.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the sale, the director now 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. Over the last ninety days, insiders sold 461,584 shares of company stock worth $23,192,574. Company insiders own 16.37% of the company's stock.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC raised its holdings in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Swiss National Bank raised its holdings in shares of GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company's stock worth $12,115,000 after purchasing an additional 7,700 shares during the last quarter. Barton Investment Management raised its holdings in shares of GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company's stock worth $18,914,000 after purchasing an additional 167,290 shares during the last quarter. SYM FINANCIAL Corp purchased a new position in shares of GitLab during the fourth quarter worth $201,000. Finally, Oak Harvest Investment Services purchased a new position in shares of GitLab during the fourth quarter worth $1,737,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Price Performance

Shares of NASDAQ GTLB traded up $1.00 during mid-day trading on Friday, hitting $46.55. 2,268,991 shares of the company's stock traded hands, compared to its average volume of 2,598,270. The company's 50-day moving average is $46.28 and its two-hundred day moving average is $56.38. The company has a market capitalization of $7.63 billion, a P/E ratio of -145.47 and a beta of 0.79. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18.

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.