GitLab (NASDAQ:GTLB) Rating Reiterated by DA Davidson

GitLab (NASDAQ:GTLB)‘s stock had its “neutral” rating reissued by equities research analysts at DA Davidson in a research note issued on Thursday, Benzinga reports. They presently have a $50.00 target price on the stock. DA Davidson’s price objective points to a potential upside of 5.49% from the company’s previous close.

Several other analysts have also recently weighed in on the company. KeyCorp dropped their price objective on GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Citic Securities initiated coverage on shares of GitLab in a research note on Monday, June 3rd. They issued a “buy” rating and a $80.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 target price on shares of GitLab in a research report on Monday, August 19th. Royal Bank of Canada restated an “outperform” rating and issued a $65.00 price target on shares of GitLab in a research report on Thursday, July 18th. Finally, Robert W. Baird began coverage on GitLab in a research note on Tuesday. They set an “outperform” rating and a $59.00 price objective for the company. Four analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average price target of $65.63.

GitLab Price Performance

GTLB opened at $47.40 on Thursday. The stock has a market capitalization of $7.53 billion, a P/E ratio of -17.24 and a beta of 0.46. The company’s 50 day simple moving average is $48.66 and its 200-day simple moving average is $53.78. GitLab has a one year low of $40.19 and a one year high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. The firm had revenue of $169.19 million for the quarter, compared to analyst estimates of $165.66 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. As a group, analysts anticipate that GitLab will post -0.5 EPS for the current year.

Insider Transactions at GitLab

In related news, Director Merline Saintil sold 1,182 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total value of $60,884.82. Following the sale, the director now directly owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Merline Saintil sold 1,182 shares of the stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total transaction of $60,884.82. Following the completion of the transaction, the director now directly owns 9,902 shares in the company, valued at $510,052.02. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total value of $530,381.82. Following the completion of the sale, the chief financial officer now owns 293,508 shares in the company, valued at approximately $13,342,873.68. The disclosure for this sale can be found here. Insiders sold 140,275 shares of company stock valued at $6,848,847 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of GitLab in the fourth quarter valued at about $222,591,000. Capital Research Global Investors grew its stake in GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after purchasing an additional 3,096,437 shares in the last quarter. 1832 Asset Management L.P. acquired a new position in shares of GitLab during the 4th quarter worth approximately $76,918,000. Vanguard Group Inc. raised its stake in shares of GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after purchasing an additional 1,070,994 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of GitLab in the 1st quarter valued at approximately $49,196,000. Institutional investors own 91.72% of the company’s stock.

GitLab Company Profile

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.