Cantor Fitzgerald Reiterates Overweight Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a note issued to investors on Tuesday,Benzinga reports. They presently have a $80.00 price objective on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 43.13% from the company’s current price.

GTLB has been the topic of a number of other research reports. Wells Fargo & Company increased their price objective on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Scotiabank upped their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. DA Davidson dropped their target price on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Friday. Finally, Barclays decreased their price target on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Three 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. Based on data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $75.50.

GitLab Stock Down 0.6 %

GitLab stock opened at $55.90 on Tuesday. GitLab has a 52 week low of $40.72 and a 52 week high of $74.18. The stock has a 50-day moving average price of $64.30 and a 200 day moving average price of $58.69. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of -173.19 and a beta of 0.63.

Insiders Place Their Bets

In related news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the transaction, the director now owns 134,733 shares of the company’s stock, valued at $7,947,899.67. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock worth $44,710,867 over the last 90 days. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its stake in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC lifted its holdings in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in shares of GitLab during the 4th quarter worth about $46,000. True Wealth Design LLC purchased a new position in shares of GitLab in the 3rd quarter valued at about $56,000. Finally, Raleigh Capital Management Inc. acquired a new stake in shares of GitLab during the 4th quarter worth about $66,000. 95.04% of the stock is owned by hedge funds and other 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.