Bank of America Raises GitLab (NASDAQ:GTLB) Price Target to $68.00

GitLab (NASDAQ:GTLB) had its target price raised by Bank of America from $66.00 to $68.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also weighed in on GTLB. Canaccord Genuity Group cut their price objective on shares of GitLab from $74.00 to $65.00 and set a buy rating on the stock in a research note on Wednesday, June 5th. Barclays cut their price target on GitLab from $55.00 to $50.00 and set an equal weight rating on the stock in a research report on Tuesday, June 4th. Mizuho decreased their price objective on GitLab from $70.00 to $62.00 and set a buy rating for the company in a report on Tuesday, June 4th. Robert W. Baird started coverage on GitLab in a report on Tuesday, August 27th. They set an outperform rating and a $59.00 target price on the stock. Finally, Baird R W upgraded GitLab to a strong-buy rating in a research report on Tuesday, August 27th. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $65.87.

GitLab Stock Performance

Shares of GTLB opened at $53.09 on Wednesday. The stock has a 50-day moving average of $49.06 and a two-hundred day moving average of $53.00. The stock has a market cap of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44. GitLab has a one year low of $40.19 and a one year high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data 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 firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 30.8% compared to the same quarter last year. During the same period last year, the business posted ($0.29) earnings per share. Analysts predict that GitLab will post -0.5 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction dated 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 sale, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Brian G. Robins sold 23,332 shares of the firm’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 owns 259,109 shares in the company, valued at $12,758,527.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Merline Saintil sold 1,182 shares of GitLab stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total value of $60,884.82. Following the completion of the sale, the director now directly owns 9,902 shares in the company, valued at $510,052.02. The disclosure for this sale can be found here. Insiders sold a total of 128,608 shares of company stock worth $6,340,633 in the last 90 days. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its stake in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of GitLab during the 1st quarter worth approximately $58,000. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the first quarter worth $58,000. Quarry LP increased its position in shares of GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after purchasing an additional 500 shares during the last quarter. Finally, Tucker Asset Management LLC purchased a new position in shares of GitLab during the 4th quarter worth approximately $83,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

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.