GitLab’s (GTLB) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of GitLab (NASDAQ:GTLB) in a research note released on Tuesday,Benzinga reports. Needham & Company LLC currently has a $85.00 price objective on the stock.

GTLB has been the topic of several other research reports. DA Davidson lowered their price objective on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Piper Sandler lifted their price target on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Morgan Stanley increased their price objective on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. The Goldman Sachs Group boosted their target price on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Cantor Fitzgerald increased their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average price target of $75.38.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $58.25 on Tuesday. GitLab has a 1 year low of $40.72 and a 1 year high of $74.18. The company has a market capitalization of $9.45 billion, a PE ratio of -182.03 and a beta of 0.63. The business has a fifty day moving average price of $64.35 and a two-hundred day moving average price of $58.83.

Insider Activity at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the stock in a transaction 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 transaction, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. 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 GitLab stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock valued at $44,710,867 over the last three months. 21.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Institutional investors have recently modified their holdings of the company. Infinitum Asset Management LLC bought a new position in GitLab during the fourth quarter valued at approximately $6,762,000. Polar Asset Management Partners Inc. grew its holdings in shares of GitLab by 120.1% during the 4th quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company’s stock valued at $11,805,000 after purchasing an additional 114,300 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in GitLab by 63.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company’s stock worth $3,972,000 after purchasing an additional 27,455 shares during the period. JT Stratford LLC purchased a new position in GitLab in the 4th quarter worth $284,000. Finally, Sone Capital Management LLC bought a new stake in GitLab in the fourth quarter worth $7,917,000. 95.04% of the stock is currently owned by 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.