GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, TD Cowen Analyst Says

GitLab (NASDAQ:GTLB) had its price objective boosted by stock analysts at TD Cowen from $63.00 to $70.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s target price would suggest a potential upside of 5.07% from the stock’s previous close.

Several other research analysts also recently weighed in on GTLB. Royal Bank of Canada boosted their target price on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Monday, October 21st. Cantor Fitzgerald upgraded shares of GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. Morgan Stanley began coverage on shares of GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Finally, DA Davidson reiterated a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and an average price target of $66.67.

GitLab Stock Performance

GTLB stock opened at $66.62 on Thursday. GitLab has a one year low of $40.72 and a one year high of $78.53. The firm has a market cap of $10.69 billion, a price-to-earnings ratio of -27.69 and a beta of 0.45. The firm has a 50-day simple moving average of $55.08 and a two-hundred day simple moving average of $51.49.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter in the prior year, the company posted ($0.29) earnings per share. GitLab’s revenue for the quarter was up 30.8% compared to the same quarter last year. As a group, equities analysts predict that GitLab will post -0.41 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GTLB. Future Financial Wealth Managment LLC purchased a new position in GitLab during the third quarter valued at $52,000. True Wealth Design LLC acquired a new position in shares of GitLab during the 3rd quarter worth about $56,000. Rakuten Securities Inc. raised its position in shares of GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Quarry LP lifted its stake in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in GitLab in the 3rd quarter worth about $96,000. 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.