GitLab (NASDAQ:GTLB) Shares Gap Up to $58.17

GitLab Inc. (NASDAQ:GTLB) shares gapped up prior to trading on Wednesday . The stock had previously closed at $58.17, but opened at $59.34. GitLab shares last traded at $58.76, with a volume of 86,068 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Wells Fargo & Company assumed coverage on shares of GitLab in a research report on Tuesday, April 9th. They issued an “overweight” rating and a $70.00 price objective for the company. Truist Financial restated a “buy” rating and issued a $80.00 price objective on shares of GitLab in a research report on Monday, April 1st. Royal Bank of Canada restated an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 5th. TD Cowen lowered their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 5th. Finally, Cantor Fitzgerald lowered their price target on shares of GitLab from $80.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.50.

GitLab Stock Down 0.8 %

The stock’s 50-day moving average price is $55.85 and its 200 day moving average price is $59.62.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. The business had revenue of $163.80 million for the quarter, compared to the consensus estimate of $157.89 million. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The firm’s revenue for the quarter was up 33.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.26) earnings per share. On average, research analysts forecast that GitLab Inc. will post -0.96 EPS for the current year.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 230,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $53.59, for a total transaction of $12,325,700.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Robin Schulman sold 2,425 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $58.75, for a total value of $142,468.75. Following the transaction, the insider now owns 55,150 shares in the company, valued at approximately $3,240,062.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sytse Sijbrandij sold 230,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $53.59, for a total transaction of $12,325,700.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 433,383 shares of company stock worth $23,632,528. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of large investors have recently made changes to their positions in the company. Byrne Asset Management LLC acquired a new position in GitLab in the 1st quarter valued at $33,000. Allspring Global Investments Holdings LLC grew its stake in shares of GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after acquiring an additional 548 shares in the last quarter. Ramirez Asset Management Inc. bought a new position in GitLab during the third quarter worth about $36,000. SRS Capital Advisors Inc. bought a new position in GitLab during the third quarter worth about $40,000. Finally, Banque Cantonale Vaudoise acquired a new stake in GitLab in the 1st quarter worth about $58,000. 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.