Needham & Company LLC Reaffirms “Hold” Rating for GitLab (NASDAQ:GTLB)

Needham & Company LLC reissued their hold rating on shares of GitLab (NASDAQ:GTLB) in a research note released on Wednesday, Benzinga reports.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a research report on Tuesday, June 4th. Royal Bank of Canada reaffirmed an outperform rating and issued a $65.00 price target on shares of GitLab in a report on Thursday, July 18th. Mizuho dropped their price objective on GitLab from $70.00 to $62.00 and set a buy rating on the stock in a report on Tuesday, June 4th. TD Cowen reduced their target price on GitLab from $76.00 to $58.00 and set a buy rating for the company in a research note on Tuesday, August 27th. Finally, Robert W. Baird lifted their price target on shares of GitLab from $59.00 to $62.00 and gave the company an outperform rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $65.87.

GitLab Stock Down 4.9 %

Shares of GTLB stock opened at $53.09 on Wednesday. GitLab has a 52-week low of $40.19 and a 52-week high of $78.53. The stock has a market cap of $8.44 billion, a PE ratio of -19.31 and a beta of 0.44. The business has a 50-day simple moving average of $49.06 and a 200-day simple moving average of $52.88.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. GitLab’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.29) earnings per share. Sell-side analysts anticipate that GitLab will post -0.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total value of $530,381.82. Following the completion of the sale, the chief financial officer now owns 293,508 shares of the company’s stock, valued at $13,342,873.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s 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 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 insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. raised its stake in shares of GitLab by 766.9% in the 4th quarter. Victory Capital Management Inc. now owns 254,483 shares of the company’s stock valued at $16,022,000 after acquiring an additional 225,129 shares during the period. Natixis Advisors L.P. raised its position in GitLab by 36.9% in the fourth quarter. Natixis Advisors L.P. now owns 16,142 shares of the company’s stock valued at $1,016,000 after purchasing an additional 4,353 shares during the period. Amalgamated Bank lifted its stake in GitLab by 2.6% during the fourth quarter. Amalgamated Bank now owns 19,236 shares of the company’s stock worth $1,211,000 after purchasing an additional 488 shares in the last quarter. M&T Bank Corp purchased a new position in shares of GitLab during the fourth quarter worth $271,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of GitLab by 10.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock valued at $33,478,000 after buying an additional 51,612 shares in the last quarter. 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.