Wells Fargo & Company Forecasts Strong Price Appreciation for GitLab (NASDAQ:GTLB) Stock

GitLab (NASDAQ:GTLB) had its price objective upped by equities researchers at Wells Fargo & Company from $80.00 to $85.00 in a report released on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 24.35% from the stock’s previous close.

Several other analysts also recently weighed in on GTLB. Robert W. Baird lifted their price objective on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Scotiabank boosted their price objective on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Morgan Stanley boosted their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Truist Financial reiterated a “buy” rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Finally, Piper Sandler increased their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.62.

GitLab Stock Down 2.1 %

Shares of NASDAQ GTLB opened at $68.36 on Thursday. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $76.41. The firm has a market cap of $11.09 billion, a PE ratio of -214.17 and a beta of 0.63. The business has a 50 day moving average price of $63.69 and a two-hundred day moving average price of $57.45.

Insider Buying and Selling

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sytse Sijbrandij sold 84,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock valued at $44,710,867 over the last ninety days. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. M&T Bank Corp boosted its stake in shares of GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after buying an additional 148 shares during the last quarter. Wilmington Savings Fund Society FSB raised its holdings in shares of GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after purchasing an additional 150 shares during the period. OneDigital Investment Advisors LLC lifted its stake in GitLab by 4.3% in 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 during the last quarter. Bank of Marin increased its position in GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after buying an additional 171 shares during the last quarter. Finally, Utah Retirement Systems lifted its position in shares of 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.