GitLab (NASDAQ:GTLB) Price Target Raised to $80.00

GitLab (NASDAQ:GTLB) had its price target boosted by KeyCorp from $74.00 to $80.00 in a research note released on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other research firms also recently issued reports on GTLB. Robert W. Baird lifted their target price on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Monday, October 21st. Barclays lifted their price target on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, September 5th. UBS Group lifted their target price on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, Bank of America upped their price objective on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $74.56.

GitLab Trading Up 1.7 %

Shares of NASDAQ GTLB opened at $67.19 on Friday. The company has a fifty day moving average price of $57.91 and a 200 day moving average price of $52.20. GitLab has a 1-year low of $40.72 and a 1-year high of $78.53. The firm has a market cap of $10.78 billion, a PE ratio of -209.97 and a beta of 0.54.

Insider Activity

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 16,666 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $13,776,642.22. The trade was a 6.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 168,365 shares of company stock worth $9,674,784. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently bought and sold shares of the company. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab during the third quarter worth about $52,000. True Wealth Design LLC acquired a new stake in GitLab during the 3rd quarter worth approximately $56,000. Rakuten Securities Inc. grew its holdings in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares during the last quarter. Quarry LP grew its holdings in GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in GitLab in the 3rd quarter valued at approximately $96,000. 91.72% of the stock is currently owned by 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.