GitLab (NASDAQ:GTLB) PT Raised to $75.00

GitLab (NASDAQ:GTLB) had its price target increased by Wells Fargo & Company from $70.00 to $75.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

GTLB has been the subject of several other research reports. Bank of America increased their price objective on shares of GitLab from $66.00 to $68.00 and gave the stock a buy rating in a research report on Wednesday. DA Davidson reissued a neutral rating and issued a $50.00 price objective on shares of GitLab in a research report on Thursday, August 29th. TD Cowen decreased their target price on GitLab from $76.00 to $58.00 and set a buy rating for the company in a research report on Tuesday, August 27th. Royal Bank of Canada raised their target price on GitLab from $55.00 to $60.00 and gave the company an outperform rating in a report on Wednesday. Finally, Scotiabank upped their price target on GitLab from $59.00 to $65.00 and gave the stock a sector outperform rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, GitLab has a consensus rating of Moderate Buy and a consensus target price of $65.63.

GitLab Trading Up 21.6 %

Shares of GitLab stock opened at $54.35 on Wednesday. The business’s fifty day moving average price is $48.86 and its 200 day moving average price is $53.12. GitLab has a twelve month low of $40.19 and a twelve month high of $78.53. The stock has a market capitalization of $8.64 billion, a P/E ratio of -19.76 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last released 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. 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 19.14% and a negative net margin of 68.52%. The company’s revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.29) EPS. As a group, sell-side analysts predict that GitLab will post -0.5 EPS for the current year.

Insider Buying and Selling

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction 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 Securities & Exchange Commission, which is accessible through this hyperlink. In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the transaction, the chief financial officer now owns 305,175 shares of the company’s stock, valued at $13,293,423. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company’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 value of $2,743,440.00. The disclosure for this sale can be found here. Insiders have sold 140,275 shares of company stock worth $6,848,847 over the last ninety days. 21.36% of the stock is owned by insiders.

Institutional Trading of GitLab

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its position in GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of GitLab during the first quarter valued at $58,000. Future Financial Wealth Managment LLC bought a new position in shares of GitLab during the first quarter worth about $58,000. Quarry LP increased its holdings in shares of GitLab by 75.1% in the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after acquiring an additional 500 shares during the period. Finally, Tucker Asset Management LLC bought a new stake in GitLab in the 4th quarter valued at about $83,000. 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.