GitLab (NASDAQ:GTLB) Sees Large Volume Increase on Analyst Upgrade

GitLab Inc. (NASDAQ:GTLB) shares saw an uptick in trading volume on Friday after DA Davidson raised their price target on the stock from $50.00 to $70.00. DA Davidson currently has a neutral rating on the stock. 3,024,226 shares traded hands during mid-day trading, an increase of 29% from the previous session’s volume of 2,343,088 shares.The stock last traded at $69.79 and had previously closed at $66.04.

Several other equities research analysts have also recently commented on GTLB. Canaccord Genuity Group lifted their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday. Morgan Stanley lifted their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday. Royal Bank of Canada lifted their price objective on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday. Wells Fargo & Company lifted their price objective on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, BTIG Research lifted their price objective on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average price target of $74.56.

Insider Activity

In other news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. The trade was a 6.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock worth $10,569,356 over the last three months. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC bought a new stake in GitLab during the third quarter worth about $52,000. True Wealth Design LLC bought a new stake in GitLab during the third quarter worth about $56,000. Rakuten Securities Inc. raised its holdings in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares in the last quarter. Quarry LP raised its holdings in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in GitLab during the third quarter worth about $96,000. Institutional investors own 91.72% of the company’s stock.

GitLab Stock Up 1.7 %

The firm has a market cap of $10.78 billion, a P/E ratio of -28.71 and a beta of 0.54. The firm has a fifty day moving average of $57.91 and a 200-day moving average of $52.28.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. GitLab’s revenue was up 30.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.29) earnings per share. On average, equities analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

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.