KeyCorp Increases GitLab (NASDAQ:GTLB) Price Target to $74.00

GitLab (NASDAQ:GTLB) had its price objective hoisted by investment analysts at KeyCorp from $62.00 to $74.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price target would suggest a potential upside of 15.99% from the stock’s previous close.

Several other research analysts have also commented on GTLB. Morgan Stanley initiated coverage on shares of GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price objective for the company. Robert W. Baird upped their price target on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. UBS Group raised their price objective on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada boosted their price target on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Finally, Barclays upped their target price on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.17.

GitLab Stock Down 3.9 %

Shares of NASDAQ:GTLB opened at $63.80 on Tuesday. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53. The business’s 50 day moving average is $56.14 and its 200 day moving average is $51.82. The stock has a market cap of $10.24 billion, a P/E ratio of -27.26 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates 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 prior year, the business posted ($0.29) EPS. The firm’s quarterly revenue was up 30.8% on a year-over-year basis. On average, sell-side analysts anticipate that GitLab will post -0.41 EPS for the current fiscal year.

Insider Transactions at GitLab

In other news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robin Schulman sold 2,990 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the transaction, the insider now directly owns 136,076 shares in the company, valued at $7,484,180. This represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,033 shares of company stock valued at $10,569,356 in the last three months. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the 3rd quarter worth $52,000. True Wealth Design LLC acquired a new position in GitLab during the third quarter worth about $56,000. Rakuten Securities Inc. grew its stake in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares in the last quarter. Quarry LP raised its holdings in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in GitLab in the 3rd quarter worth approximately $96,000. 91.72% of the stock is owned by institutional investors and hedge funds.

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.