GitLab (NASDAQ:GTLB) Lifted to “Strong-Buy” at Baird R W

GitLab (NASDAQ:GTLB) was upgraded by Baird R W to a “strong-buy” rating in a research report issued on Tuesday, Zacks.com reports.

A number of other equities analysts have also recently weighed in on GTLB. BTIG Research lowered their price target on GitLab from $71.00 to $58.00 and set a “buy” rating for the company in a report on Tuesday, June 4th. Bank of America dropped their price target on shares of GitLab from $80.00 to $66.00 and set a “buy” rating for the company in a research report on Tuesday. KeyCorp lowered their price objective on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 target price on shares of GitLab in a research report on Thursday, July 18th. Finally, TD Cowen lowered their price target on GitLab from $76.00 to $58.00 and set a “buy” rating for the company in a research report on Tuesday. Four research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $65.63.

GitLab Stock Down 0.6 %

GTLB opened at $47.01 on Tuesday. The company has a market cap of $7.47 billion, a PE ratio of -17.09 and a beta of 0.46. GitLab has a twelve month low of $40.19 and a twelve month high of $78.53. The company has a 50-day moving average price of $48.42 and a 200 day moving average price of $54.05.

GitLab (NASDAQ:GTLB) last announced its earnings results on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. The business had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. As a group, sell-side analysts expect that GitLab will post -0.5 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Brian G. Robins sold 23,334 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $50.24, for a total value of $1,172,300.16. Following the completion of the sale, the chief financial officer now directly owns 282,441 shares of the company’s stock, valued at $14,189,835.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred 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 have sold a total of 140,275 shares of company stock valued at $6,848,847 in the last quarter. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Allspring Global Investments Holdings LLC lifted its position in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the period. Banque Cantonale Vaudoise acquired a new stake in shares of GitLab in the 1st quarter valued at $58,000. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab in the 1st quarter worth about $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 in the last quarter. Finally, Tucker Asset Management LLC bought a new position in GitLab during the 4th quarter valued at about $83,000. Institutional investors own 91.72% of the company’s stock.

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.