Needham & Company LLC Predicts Significant Growth for GitLab (NASDAQ:GTLB) Stock

On December 8, 2024, Needham & Company LLC announced an increase in their price target for GitLab (NASDAQ:GTLB) from $70.00 to $85.00 in a report aimed at clients and investors. This revision has come alongside a maintained "buy" rating for the stock. The new price target indicates a possible growth of 26.51% from GitLab's current trading price.

GitLab has captured attention from various analysts recently. Scotiabank raised their price target from $65.00 to $75.00, attaching a "sector outperform" rating in their latest report. Bank of America also revised its price estimate, moving it from $66.00 to $68.00, while maintaining a "buy" rating. Additionally, BTIG Research elevated their price target from $58.00 to $63.00, similarly issuing a "buy" rating. Meanwhile, TD Cowen increased their estimate from $63.00 to $70.00. Robert W. Baird contributed to this trend too, raising their target from $62.00 to $75.00 and assigning an "outperform" rating. Overall, three analysts currently suggest holding the stock, while twenty-two recommend buying it, with one giving a strong buy rating. Data from MarketBeat.com shows a consensus rating of “Moderate Buy” and an average target price of $74.56.

GitLab Stock Overview

As of Friday, GitLab stock opened at $67.19. Throughout the past year, it has experienced a low of $40.72 and a high of $78.53. The stock's 50-day simple moving average stands at $57.91, while its 200-day average is $52.24. GitLab holds a market capitalization of $10.78 billion and a price-to-earnings ratio of -209.97, with a beta of 0.54.

Insider Activity at GitLab

Recent insider transactions have also emerged from GitLab. On September 19th, CAO Erin Mannix sold 1,433 shares at an average price of $52.80, totaling $75,662.40. Post-sale, she retains a position of 72,448 shares, valued at $3,825,254.40, which marks a 1.94% decline in her holdings. Details of this transaction have been filed with the Securities & Exchange Commission. Similarly, CFO Brian G. Robins sold 16,668 shares on September 9th at an average price of $53.67, amounting to $894,571.56. His remaining shares are now valued at $13,423,350.03, showing a 6.25% decrease in his holdings. Throughout the last quarter, insiders sold a total of 185,033 shares worth $10,569,356, with insiders collectively owning 21.36% of GitLab's stock.

Institutional Ownership Changes

Institutional investors have made adjustments to their GitLab holdings recently. Franklin Resources Inc. increased their stake by 0.8% in the third quarter, acquiring an additional 21,976 shares, now owning 2,670,072 shares valued at $146,774,000. State Street Corp also grew their investment by 5.8%, now owning 2,032,206 shares worth $104,740,000 after purchasing 111,997 additional shares. Geode Capital Management LLC raised its stake by 7.0%, owning 2,026,567 shares after buying 132,548 shares. Other notable changes include Fiera Capital Corp increasing their position by 1.4% to own 1,259,429 shares and Bamco Inc. NY acquiring an additional 4,874 shares for a total of 1,253,244 shares. Overall, 91.72% of GitLab's stock is owned by institutional investors.

About GitLab

GitLab Inc., through its subsidiaries, specializes in software development for the entire software development lifecycle across the United States, Europe, and the Asia Pacific. It provides GitLab, a comprehensive DevOps platform designed to streamline processes and improve visibility throughout the DevOps lifecycle.

GitLab, Stocks, Investment