Needham & Company LLC Forecasts Strong Price Appreciation for GitLab (NASDAQ:GTLB) Stock

GitLab (NASDAQ:GTLB) had its price objective raised by equities researchers at Needham & Company LLC from $70.00 to $85.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 26.51% from the stock’s current price.

GTLB has been the topic of a number of other reports. Scotiabank upped their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday. Bank of America raised their price objective on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. BTIG Research boosted their target price on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. TD Cowen raised their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Finally, Robert W. Baird lifted their price target on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday. Three analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $74.56.

GitLab Stock Performance

GTLB stock opened at $67.19 on Friday. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The stock’s 50 day simple moving average is $57.91 and its 200 day simple moving average is $52.24. The company has a market cap of $10.78 billion, a P/E ratio of -209.97 and a beta of 0.54.

Insider Transactions at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This represents a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,033 shares of company stock worth $10,569,356 in the last quarter. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors have recently modified their holdings of the business. Franklin Resources Inc. raised its holdings in GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after acquiring an additional 21,976 shares during the period. State Street Corp grew its position in shares of GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Geode Capital Management LLC grew its position in shares of GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after purchasing an additional 132,548 shares in the last quarter. Fiera Capital Corp raised its stake in shares of GitLab by 1.4% during the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after purchasing an additional 16,961 shares during the period. Finally, Bamco Inc. NY lifted its holdings in GitLab by 0.4% during the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after purchasing an additional 4,874 shares in the last quarter. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

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.