Brokerages Set GitLab Inc. (NASDAQ:GTLB) Target Price at $58.67

Shares of GitLab Inc. (NASDAQ:GTLB) have received an average rating of “Moderate Buy” from the twenty-eight ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $58.6667.

Several brokerages have recently weighed in on GTLB. Zacks Research upgraded shares of GitLab from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 9th. Macquarie restated an “outperform” rating and set a $75.00 price target on shares of GitLab in a research note on Thursday, September 4th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $62.00 price objective on shares of GitLab in a research note on Wednesday, June 25th. UBS Group dropped their target price on GitLab from $73.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, September 4th. Finally, Piper Sandler decreased their price target on GitLab from $85.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday, September 4th.

Insider Activity

In other GitLab news, Director Matthew Jacobson sold 63,587 shares of the company’s stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $50.16, for a total transaction of $3,189,523.92. Following the sale, the director directly owned 820 shares of the company’s stock, valued at approximately $41,131.20. This represents a 98.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $50.14, for a total transaction of $5,445,204.00. The disclosure for this sale can be found here. Insiders sold a total of 1,224,362 shares of company stock worth $59,723,796 in the last quarter. 16.37% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently bought and sold shares of GTLB. Corient Private Wealth LLC acquired a new position in GitLab in the second quarter worth $301,000. HMI Capital Management L.P. lifted its position in GitLab by 32.3% during the 2nd quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company’s stock worth $264,283,000 after buying an additional 1,430,151 shares in the last quarter. State of Wyoming bought a new stake in GitLab during the 2nd quarter worth about $840,000. Nomura Holdings Inc. grew its holdings in GitLab by 327.0% during the 2nd quarter. Nomura Holdings Inc. now owns 18,193 shares of the company’s stock worth $821,000 after acquiring an additional 13,932 shares during the last quarter. Finally, KP Management LLC increased its position in GitLab by 10.2% in the 2nd quarter. KP Management LLC now owns 16,527 shares of the company’s stock valued at $746,000 after acquiring an additional 1,527 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

GitLab Price Performance

Shares of GTLB stock opened at $46.91 on Friday. GitLab has a one year low of $37.90 and a one year high of $74.18. The stock has a fifty day moving average price of $45.99 and a 200 day moving average price of $45.93. The stock has a market cap of $7.82 billion, a P/E ratio of -1,172.75 and a beta of 0.73.

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.