Brokerages Set GitLab Inc. (NASDAQ:GTLB) Target Price at $66.22

Shares of GitLab Inc. (NASDAQ:GTLB) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-five analysts that are covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $66.38.

Several research analysts have recently issued reports on GTLB shares. Barclays upped their price target on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, September 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 target price on shares of GitLab in a research report on Monday, August 19th. Robert W. Baird boosted their price target on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Morgan Stanley began coverage on shares of GitLab in a report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 target price on the stock.

Insider Transactions at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,673 shares of company stock valued at $5,523,472 in the last quarter. 21.36% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of GTLB. Wellington Management Group LLP grew its holdings in shares of GitLab by 25.8% during the fourth quarter. Wellington Management Group LLP now owns 791,356 shares of the company’s stock valued at $49,824,000 after buying an additional 162,369 shares during the last quarter. Vanguard Group Inc. boosted its stake in GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after purchasing an additional 1,070,994 shares during the last quarter. Quadrature Capital Ltd bought a new stake in GitLab during the 4th quarter worth approximately $905,000. Banque Cantonale Vaudoise purchased a new stake in shares of GitLab in the first quarter worth approximately $58,000. Finally, Park Avenue Securities LLC raised its stake in shares of GitLab by 9.6% in the first quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock worth $207,000 after purchasing an additional 311 shares during the last quarter. Institutional investors own 91.72% of the company’s stock.

GitLab Trading Down 1.0 %

Shares of GTLB opened at $54.85 on Friday. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The firm’s 50 day moving average is $50.97 and its 200-day moving average is $50.95. The stock has a market capitalization of $8.72 billion, a PE ratio of -19.95 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the previous year, the firm earned ($0.29) EPS. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. Equities research analysts predict that GitLab will post -0.41 earnings per share for the current fiscal year.

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.