Analysts at Moffett Nathanson initiated coverage on shares of GitLab (NASDAQ:GTLB – Get Rating) in a report issued on Thursday, Briefing.com reports. The brokerage set a "buy" rating and a $104.00 price target on the stock. Moffett Nathanson's price objective points to a potential upside of 88.37% from the company's current price.

Several other brokerages have also commented on GTLB. UBS Group upped their target price on GitLab to $72.00 in a research report on Tuesday, September 6th. JPMorgan Chase & Co. began coverage on GitLab in a research report on Thursday, September 1st. They set a "neutral" rating and a $63.00 target price on the stock. Scotiabank began coverage on GitLab in a research report on Wednesday, June 8th. They set an "outperform" rating and a $62.00 target price on the stock. Cowen upped their target price on GitLab to $70.00 in a research report on Tuesday, September 6th. Finally, Royal Bank of Canada upped their target price on GitLab from $66.00 to $75.00 and gave the company an "outperform" rating in a research report on Thursday, August 18th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $80.46.

GitLab Trading Up 2.0 %

Shares of GTLB stock opened at $55.21 on Thursday. The stock has a market cap of $8.22 billion and a price-to-earnings ratio of -36.32. The stock has a 50-day moving average of $59.55 and a 200-day moving average of $51.90. GitLab has a 1-year low of $30.74 and a 1-year high of $137.00.

Insider Activity

In other news, major shareholder August Capital Management Vii, sold 61,170 shares of the firm's stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $67.07, for a total value of $4,102,671.90. Following the transaction, the insider now owns 149,737 shares in the company, valued at $10,042,860.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Howard Hartenbaum sold 18,453 shares of the stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $64.63, for a total transaction of $1,192,617.39. Following the completion of the sale, the insider now directly owns 150,000 shares of the company's stock, valued at $9,694,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder August Capital Management Vii, sold 61,170 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $67.07, for a total value of $4,102,671.90. Following the sale, the insider now directly owns 149,737 shares of the company's stock, valued at $10,042,860.59. The disclosure for this sale can be found here. Insiders have sold 193,196 shares of company stock worth $11,762,380 over the last 90 days.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently modified their holdings of GTLB. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of GitLab during the second quarter valued at approximately $31,000. National Bank of Canada FI increased its position in shares of GitLab by 500.0% during the first quarter. National Bank of Canada FI now owns 600 shares of the company's stock valued at $33,000 after acquiring an additional 500 shares during the last quarter. Manchester Capital Management LLC purchased a new stake in GitLab in the first quarter worth $35,000. Asset Management One Co. Ltd. increased its position in GitLab by 48.3% in the second quarter. Asset Management One Co. Ltd. now owns 890 shares of the company's stock worth $47,000 after buying an additional 290 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in GitLab in the first quarter worth $47,000. 42.66% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading

• Get a free copy of the StockNews.com research report on GitLab (GTLB)
• Natural Gas Prices Continue To Rally, These Stocks Should Benefit
• The Worst May be Over for Target, But is the Stock Safe to Buy?
• Are These Liquid Natural Gas Stocks Ready For An Upside Bounce?
• Two Fun Stocks The Insiders Are Buying
• Novavax Remains a Risk-On Stock in a Risk-Off Market

Receive News & Ratings for GitLab Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GitLab and related companies with MarketBeat.com's FREE daily email newsletter.