GitLab (NASDAQ:GTLB) Price Target Raised to $68.00

GitLab (NASDAQ:GTLB) had its price target hoisted by Bank of America from $66.00 to $68.00 in a research report released on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

GTLB has been the topic of a number of other reports. Baird R W upgraded shares of GitLab to a strong-buy rating in a research report on Tuesday, August 27th. Mizuho lowered their target price on GitLab from $70.00 to $62.00 and set a buy rating on the stock in a report on Tuesday, June 4th. KeyCorp cut their price target on GitLab from $70.00 to $62.00 and set an overweight rating for the company in a report on Tuesday, June 4th. DA Davidson reissued a neutral rating and set a $50.00 price objective on shares of GitLab in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. cut their target price on GitLab from $55.00 to $50.00 and set a neutral rating for the company in a research note on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $65.63.

GitLab Price Performance

Shares of GitLab stock opened at $54.35 on Wednesday. The stock has a market capitalization of $8.64 billion, a P/E ratio of -19.76 and a beta of 0.46. The business has a 50 day simple moving average of $48.75 and a two-hundred day simple moving average of $53.11. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The firm’s revenue was up 30.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.29) EPS. As a group, research analysts anticipate that GitLab will post -0.5 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Brian G. Robins sold 23,334 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the sale, the chief financial officer now directly owns 282,441 shares in the company, valued at $14,189,835.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 140,275 shares of company stock worth $6,848,847. 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 GTLB. Allspring Global Investments Holdings LLC grew its stake in shares of GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of GitLab in the 1st quarter valued at about $58,000. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab in the 1st quarter valued at about $58,000. Quarry LP raised its position in shares of GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after acquiring an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC purchased a new stake in GitLab during the fourth quarter worth approximately $83,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

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.