Investment company Needham saw an upsurge in the appeal of GitLab Inc. (NASDAQ: GTLB) online software development platform. The increased interest in data protection may be a new driver at the same time.
Mike Cikos, a Needham analyst, claims that the GitLab Inc. (GTLB) platform is gradually becoming a hub for the creation of cutting-edge software. Specialists that develop software that complies with the new standards utilize the platform.
We are specifically referring to the DevSecOps section of the GTLB website. Effective data protection techniques are initially included in this piece of software. This pattern is supported by GitLab, which has the potential to significantly increase its user base.
The Needham analyst also mentioned GitLab Inc. (GTLB)’s potential to improve monetization, which can guarantee a rise in the platform’s profitability. In light of this, Needham increased its “buy” rating and set a target price of $70 for GTLB shares.
Goldman Sachs then issued a similar strong recommendation, raising their rating for GTLB from neutral to “buy” and their target price from $69 to $80 by the end of June 2022. Over the following three years, GitLab Inc. (GTLB) should be able to sustain its strong growth rates, according to Goldman Sachs.
GitLab now has over 30 million registered users, representing around 100,000 enterprises. GTLB very recently joined the stock market, in the autumn of 2021, hence its shares are still erratic. But the firm has been around for longer than eight years, and in that period it has overseen the completion of thousands of projects in the area of software development.
It has a 12-month low price of $30.74 and touched a high of $137.00 over the same period. Currently, 0.72 million shares have been traded, compared to an average intraday trading volume of 1.86M shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.91%, 16.74%, and -20.34% respectively.