Needham & Company LLC Reaffirms Buy Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They presently have a $85.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 37.90% from the company’s current price.

Several other brokerages also recently weighed in on GTLB. Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Wells Fargo & Company upped their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Macquarie initiated coverage on GitLab in a report on Thursday, December 12th. They set an “outperform” rating and a $90.00 price target on the stock. Morgan Stanley upped their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Robert W. Baird lifted their target price on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Up 1.8 %

NASDAQ GTLB opened at $61.64 on Tuesday. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53. The company has a market capitalization of $10.00 billion, a P/E ratio of -192.63 and a beta of 0.57. The stock’s 50-day moving average price is $60.79 and its 200-day moving average price is $54.17.

Insider Buying and Selling at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.72, for a total transaction of $177,840.00. Following the completion of the transaction, the director now owns 141,233 shares in the company, valued at $7,728,269.76. The trade was a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 785,197 shares of company stock worth $46,486,459 over the last quarter. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of large investors have recently bought and sold shares of the business. Bank of Marin boosted its stake in shares of GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after purchasing an additional 171 shares during the period. Glenmede Trust Co. NA grew its stake in GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after acquiring an additional 334 shares in the last quarter. Blue Trust Inc. increased its position in shares of GitLab by 18.2% during the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after acquiring an additional 488 shares during the period. Caprock Group LLC increased its position in shares of GitLab by 1.9% during the second quarter. Caprock Group LLC now owns 31,272 shares of the company’s stock worth $1,555,000 after acquiring an additional 586 shares during the period. Finally, Blair William & Co. IL boosted its holdings in shares of GitLab by 1.9% in the second quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock valued at $2,096,000 after purchasing an additional 769 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

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.