TD Cowen Increases GitLab (NASDAQ:GTLB) Price Target to $63.00

GitLab (NASDAQ:GTLB) had its price target lifted by equities researchers at TD Cowen from $58.00 to $63.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price indicates a potential upside of 12.80% from the company’s previous close.

Several other analysts also recently issued reports on GTLB. KeyCorp decreased their price target on GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Citic Securities assumed coverage on GitLab in a report on Monday, June 3rd. They set a “buy” rating and a $80.00 price target on the stock. Canaccord Genuity Group reduced their price objective on shares of GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. DA Davidson reaffirmed a “neutral” rating and set a $50.00 price objective on shares of GitLab in a report on Thursday, August 29th. Finally, UBS Group lifted their target price on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday. Four equities 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.83.

GitLab Stock Performance

NASDAQ:GTLB opened at $55.85 on Wednesday. The company has a market capitalization of $8.87 billion, a P/E ratio of -20.31 and a beta of 0.46. The stock’s 50 day moving average price is $48.99 and its 200 day moving average price is $53.14. GitLab has a 52 week low of $40.19 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. GitLab’s quarterly revenue was up 30.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.29) EPS. As a group, sell-side analysts forecast that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Buying and Selling at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.99, for a total transaction of $2,743,440.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Robin Schulman sold 2,402 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $135,112.50. Following the sale, the insider now owns 142,933 shares of the company’s stock, valued at approximately $8,039,981.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated 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 ninety days, insiders have sold 128,608 shares of company stock valued at $6,340,633. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

Several hedge funds have recently modified their holdings of GTLB. Fiera Capital Corp boosted its holdings in shares of GitLab by 0.5% in the 4th quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after acquiring an additional 5,446 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in GitLab by 10.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after purchasing an additional 51,612 shares in the last quarter. Blair William & Co. IL raised its holdings in shares of GitLab by 55.3% in the first quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock valued at $2,413,000 after buying an additional 14,738 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in GitLab during the 1st quarter worth about $58,000. Finally, Balyasny Asset Management L.P. grew its holdings in GitLab by 520.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock worth $47,134,000 after acquiring an additional 627,999 shares during the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

About GitLab

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.