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

Shares of GitLab Inc. (NASDAQ:GTLB) have received a consensus recommendation of “Moderate Buy” from the twenty-four brokerages that are currently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation, twenty have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $75.52.

GTLB has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their price objective on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Royal Bank of Canada restated an “outperform” rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Mizuho reduced their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. Scotiabank lifted their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company lifted their price target on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total value of $562,400.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $15,037,451.20. The trade was a 3.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the transaction, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 764,011 shares of company stock valued at $45,750,733. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after purchasing an additional 885,955 shares in the last quarter. Norges Bank acquired a new stake in shares of GitLab during the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership grew its holdings in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after purchasing an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

GitLab Trading Down 0.4 %

Shares of NASDAQ GTLB opened at $50.95 on Monday. GitLab has a one year low of $40.72 and a one year high of $74.18. The firm has a market capitalization of $8.27 billion, a PE ratio of -159.22 and a beta of 0.67. The business has a 50-day moving average price of $62.77 and a two-hundred day moving average price of $59.20.

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.