GitLab (NASDAQ:GTLB) Given “Outperform” Rating at Royal Bank of Canada

GitLab (NASDAQ:GTLB)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank of Canada in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $80.00 price objective on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 39.84% from the company’s current price.

Other analysts have also recently issued reports about the company. Piper Sandler increased their price objective on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. KeyCorp boosted their target price on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. JPMorgan Chase & Co. increased their target price on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Macquarie reiterated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research note on Wednesday, January 15th. Finally, DA Davidson reduced their price target on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $75.50.

GitLab Trading Up 1.7 %

NASDAQ:GTLB traded up $0.96 during trading hours on Tuesday, hitting $57.21. 2,452,138 shares of the stock were exchanged, compared to its average volume of 2,801,767. The firm’s fifty day moving average price is $64.30 and its 200 day moving average price is $58.69. The company has a market cap of $9.28 billion, a P/E ratio of -178.30 and a beta of 0.63. GitLab has a 52-week low of $40.72 and a 52-week high of $74.18.

Insiders Place Their Bets

In other news, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the sale, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 in the last quarter. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently modified their holdings of GTLB. M&T Bank Corp grew its holdings in shares of GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after acquiring an additional 148 shares during the period. Wilmington Savings Fund Society FSB boosted its position in shares of GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after buying an additional 150 shares during the period. OneDigital Investment Advisors LLC grew its holdings in GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after purchasing an additional 166 shares in the last quarter. Bank of Marin raised its holdings in GitLab by 3.0% in the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after acquiring an additional 171 shares in the last quarter. Finally, Utah Retirement Systems increased its holdings in GitLab by 3.1% in the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.