GitLab (NASDAQ:GTLB) Shares Gap Up – Still a Buy?

Shares of GitLab Inc. (NASDAQ:GTLB) gapped up prior to trading on Monday . The stock had previously closed at $55.34, but opened at $57.17. GitLab shares last traded at $56.73, with a volume of 326,612 shares trading hands.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 price objective on shares of GitLab in a research note on Monday, August 19th. Morgan Stanley assumed coverage on shares of GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Bank of America increased their target price on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Royal Bank of Canada boosted their price target on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.38.

GitLab Stock Down 1.0 %

The business has a fifty day moving average price of $50.97 and a 200-day moving average price of $50.95. The company has a market cap of $8.72 billion, a P/E ratio of -19.95 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last released its earnings results 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 company 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 15.40% and a negative net margin of 54.62%. GitLab’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.29) EPS. As a group, research analysts expect that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,673 shares of company stock valued at $5,523,472. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in the business. Capital Research Global Investors lifted its holdings in shares of GitLab by 78.5% during the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after purchasing an additional 3,096,437 shares during the period. Vanguard Group Inc. lifted its holdings in GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after buying an additional 1,070,994 shares during the period. Westfield Capital Management Co. LP bought a new stake in shares of GitLab in the 1st quarter valued at about $49,196,000. DNB Asset Management AS acquired a new stake in shares of GitLab in the second quarter valued at about $37,851,000. Finally, Renaissance Technologies LLC raised its position in shares of GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after acquiring an additional 747,712 shares during the last quarter. 91.72% of the stock is owned by institutional investors.

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.