GitLab (NASDAQ:GTLB) Shares Gap Up After Analyst Upgrade

GitLab Inc. (NASDAQ:GTLB)’s share price gapped up prior to trading on Wednesday after Scotiabank raised their price target on the stock from $65.00 to $75.00. The stock had previously closed at $63.86, but opened at $66.25. Scotiabank currently has a sector outperform rating on the stock. GitLab shares last traded at $67.07, with a volume of 379,037 shares changing hands.

Several other brokerages also recently commented on GTLB. UBS Group boosted their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. KeyCorp raised their target price on GitLab from $62.00 to $74.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Cantor Fitzgerald upgraded shares of GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. DA Davidson reiterated a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Finally, Morgan Stanley began coverage on shares of GitLab in a research note on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective for the company. Three research 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’s stock. According to MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $67.58.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the transaction, the chief financial officer now owns 250,109 shares in the company, valued at $13,423,350.03. This represents a 6.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction on Thursday, September 19th. The stock was 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. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,033 shares of company stock worth $10,569,356. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently bought and sold shares of GTLB. ARK Investment Management LLC acquired a new stake in shares of GitLab in the 3rd quarter valued at $13,435,000. Victory Capital Management Inc. grew its stake in GitLab by 56.1% during the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock worth $18,155,000 after buying an additional 126,578 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of GitLab by 111.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock worth $17,334,000 after buying an additional 176,967 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in shares of GitLab during the second quarter worth approximately $16,071,000. Finally, Mission Creek Capital Partners Inc. raised its stake in shares of GitLab by 113.9% in the third quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company’s stock valued at $4,119,000 after acquiring an additional 42,550 shares during the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Trading Down 0.8 %

The firm has a market capitalization of $10.60 billion, a price-to-earnings ratio of -28.22 and a beta of 0.54. The firm has a fifty day moving average price of $57.60 and a 200 day moving average price of $52.22.

GitLab (NASDAQ:GTLB) last released its earnings results 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 company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the previous year, the company posted ($0.29) earnings per share. The firm’s quarterly revenue was up 30.8% on a year-over-year basis. As a group, equities analysts predict that GitLab Inc. will post -0.41 EPS 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.