GitLab (NASDAQ:GTLB) Shares Gap Up on 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 trading hands.

GTLB has been the subject of several other research reports. KeyCorp increased their price objective on shares of GitLab from $62.00 to $74.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. DA Davidson restated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research note on Monday, October 14th. Robert W. Baird upped their target price on shares of GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. Finally, Baird R W raised GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average target price of $67.58.

Insider Buying and Selling

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred on 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 directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock worth $10,569,356 in the last ninety days. 21.36% of the stock is owned by insiders.

Hedge Funds Weigh In On GitLab

Large investors have recently bought and sold shares of the company. Bank of Marin raised its stake in shares of GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after acquiring an additional 171 shares during the period. Moloney Securities Asset Management LLC grew its position in shares of GitLab by 4.9% during the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock worth $318,000 after buying an additional 300 shares in the last quarter. Glenmede Trust Co. NA increased its position in shares of GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after purchasing an additional 334 shares during the last quarter. Canton Hathaway LLC grew its position in shares of GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after acquiring an additional 435 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after acquiring an additional 488 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Stock Up 4.2 %

The stock has a market capitalization of $10.68 billion, a P/E ratio of -29.20 and a beta of 0.54. The company has a 50 day moving average of $57.01 and a 200-day moving average of $52.02.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.29) earnings per share. Equities analysts forecast that GitLab Inc. will post -0.41 EPS for the current fiscal year.

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.