GitLab (NASDAQ:GTLB - Get Free Report) was upgraded by analysts at Wells Fargo & Company to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.
A number of other brokerages have also recently commented on GTLB. Cowen reaffirmed a "buy" rating on shares of GitLab in a research note on Friday, June 6th. KeyCorp lowered their target price on GitLab from $60.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, September 4th. FBN Securities raised GitLab to a "strong-buy" rating in a research note on Thursday, September 4th. Raymond James Financial lowered their target price on GitLab from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, September 4th. Finally, Morgan Stanley increased their target price on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, GitLab presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.67.
Check Out Our Latest Stock Analysis on GTLB
GitLab Price Performance
Shares of GTLB stock opened at $44.11 on Tuesday. The stock has a market cap of $7.35 billion, a PE ratio of -1,102.75 and a beta of 0.73. The stock has a 50-day moving average of $46.01 and a 200-day moving average of $46.06. GitLab has a one year low of $37.90 and a one year high of $74.18.
Insider Transactions at GitLab
In other news, Director Matthew Jacobson sold 396,147 shares of the firm's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $50.53, for a total transaction of $20,017,307.91. Following the completion of the transaction, the director directly owned 73,299 shares of the company's stock, valued at $3,703,798.47. This trade represents a 84.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the sale, the director directly owned 100,639 shares of the company's stock, valued at approximately $5,040,001.12. The trade was a 3.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,219,171 shares of company stock valued at $59,495,444 in the last ninety days. 16.37% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On GitLab
Several large investors have recently made changes to their positions in GTLB. Eminence Capital LP lifted its holdings in GitLab by 148.9% during the 2nd quarter. Eminence Capital LP now owns 6,218,607 shares of the company's stock valued at $280,521,000 after purchasing an additional 3,720,406 shares during the last quarter. Atreides Management LP lifted its holdings in GitLab by 867.3% during the 2nd quarter. Atreides Management LP now owns 3,938,198 shares of the company's stock valued at $177,652,000 after purchasing an additional 3,531,070 shares during the last quarter. Champlain Investment Partners LLC lifted its holdings in GitLab by 251.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company's stock valued at $203,545,000 after purchasing an additional 3,227,717 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in GitLab by 2,456.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock valued at $107,865,000 after purchasing an additional 2,205,238 shares during the last quarter. Finally, Norges Bank acquired a new stake in GitLab during the 2nd quarter valued at $93,489,000. Institutional investors and hedge funds own 95.04% of the company's stock.
GitLab Company Profile
(
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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.
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