GitLab (NASDAQ:GTLB) Price Target Raised to $85.00 at Wells Fargo & Company

GitLab (NASDAQ:GTLB) had its price target boosted by Wells Fargo & Company from $80.00 to $85.00 in a research note released on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Mizuho raised their price target on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. TD Cowen raised their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Macquarie reaffirmed an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research note on Wednesday, January 15th. Piper Sandler increased their price target on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their price objective on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Stock Down 3.4 %

GTLB opened at $67.45 on Thursday. The firm has a market cap of $10.95 billion, a P/E ratio of -210.78 and a beta of 0.63. The business’s fifty day simple moving average is $63.87 and its 200 day simple moving average is $57.54. GitLab has a 52 week low of $40.72 and a 52 week high of $76.41.

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the transaction, the director now owns 134,733 shares in the company, valued at $7,947,899.67. This represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 740,257 shares of company stock worth $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GTLB. Y Intercept Hong Kong Ltd purchased a new stake in GitLab during the 3rd quarter worth $678,000. State Street Corp raised its holdings in 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 acquiring an additional 111,997 shares in the last quarter. Barclays PLC raised its stake in shares of GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of GitLab during the third quarter worth about $6,865,000. Finally, Barton Investment Management lifted its position in shares of GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after buying an additional 167,290 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.