GitLab Inc. (NASDAQ:GTLB) Receives Consensus Recommendation of “Buy” from Brokerages

GitLab Inc. (NASDAQ:GTLBGet Rating) has been assigned a consensus rating of “Buy” from the eleven ratings firms that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $97.56.

A number of equities analysts have issued reports on the company. Truist Financial decreased their price objective on GitLab from $175.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday, March 15th. The Goldman Sachs Group lowered their price target on shares of GitLab from $86.00 to $69.00 and set a “neutral” rating for the company in a research report on Thursday, April 14th. JPMorgan Chase & Co. upgraded shares of GitLab from a “neutral” rating to an “overweight” rating and set a $99.00 price objective on the stock in a report on Thursday, January 27th. Zacks Investment Research upgraded shares of GitLab from a “sell” rating to a “hold” rating in a report on Tuesday, February 8th. Finally, Bank of America cut their price target on GitLab from $125.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, March 9th.

Several institutional investors and hedge funds have recently made changes to their positions in GTLB. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of GitLab during the fourth quarter valued at $145,000. Rockefeller Capital Management L.P. purchased a new stake in shares of GitLab during the 4th quarter valued at about $178,000. ARK Investment Management LLC bought a new stake in shares of GitLab in the fourth quarter worth approximately $199,000. Renaissance Technologies LLC purchased a new position in shares of GitLab during the fourth quarter valued at approximately $226,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in GitLab during the fourth quarter valued at approximately $226,000. 21.30% of the stock is owned by institutional investors.

Shares of GTLB opened at $47.93 on Monday. GitLab has a 1-year low of $30.74 and a 1-year high of $137.00. The firm’s 50-day moving average price is $50.75 and its 200-day moving average price is $74.94.

GitLab (NASDAQ:GTLBGet Rating) last issued its quarterly earnings data on Monday, March 14th. The company reported ($0.25) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.07. The company had revenue of $77.80 million during the quarter, compared to analysts’ expectations of $70.18 million. Research analysts expect that GitLab will post -1.34 EPS for the current year.

About GitLab (Get Rating)

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.

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Analyst Recommendations for GitLab (NASDAQ:GTLB)

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