GitLab (NASDAQ:GTLB) Price Target Raised to $63.00

GitLab (NASDAQ:GTLB) had its target price increased by TD Cowen from $58.00 to $63.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently issued reports on the stock. Bank of America upped their target price on shares of GitLab from $66.00 to $68.00 and gave the company a buy rating in a report on Wednesday. DA Davidson reaffirmed a neutral rating and set a $50.00 price objective on shares of GitLab in a report on Thursday, August 29th. Scotiabank lifted their target price on GitLab from $59.00 to $65.00 and gave the stock a sector outperform rating in a research report on Wednesday. Mizuho decreased their target price on GitLab from $70.00 to $62.00 and set a buy rating for the company in a research report on Tuesday, June 4th. Finally, 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. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $65.87.

GitLab Price Performance

GitLab stock opened at $53.09 on Wednesday. The stock’s fifty day moving average is $49.06 and its two-hundred day moving average is $53.00. The stock has a market cap of $8.44 billion, a PE ratio of -19.31 and a beta of 0.44. GitLab has a 1-year low of $40.19 and a 1-year high of $78.53.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share 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 19.14% and a negative net margin of 68.52%. The business’s quarterly revenue was up 30.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.29) EPS. On average, research analysts expect that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Activity

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total transaction of $530,381.82. Following the transaction, the chief financial officer now directly owns 293,508 shares in the company, valued at $13,342,873.68. The disclosure for this sale can be found here. Insiders sold 128,608 shares of company stock valued at $6,340,633 in the last three months. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its holdings in shares of 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 acquiring an additional 548 shares during the period. Banque Cantonale Vaudoise purchased a new stake in GitLab during the first quarter worth $58,000. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the first quarter valued at $58,000. Quarry LP increased its position in shares of GitLab by 75.1% in the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after buying an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC acquired a new position in shares of GitLab during the 4th quarter worth $83,000. 91.72% of the stock is currently 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.