GitLab (NASDAQ:GTLB) Price Target Raised to $75.00

GitLab (NASDAQ:GTLB) had its price target upped by Wells Fargo & Company from $70.00 to $75.00 in a report released on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also recently weighed in on GTLB. Mizuho decreased their price objective on shares of GitLab from $70.00 to $62.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Needham & Company LLC reiterated a hold rating on shares of GitLab in a research report on Wednesday. Canaccord Genuity Group decreased their target price on GitLab from $74.00 to $65.00 and set a buy rating on the stock in a report on Wednesday, June 5th. Citic Securities assumed coverage on GitLab in a report on Monday, June 3rd. They issued a buy rating and a $80.00 price target for the company. Finally, JPMorgan Chase & Co. decreased their price objective on shares of GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab presently has an average rating of Moderate Buy and an average price target of $65.87.

GitLab Price Performance

GitLab stock opened at $53.09 on Wednesday. The business has a 50 day simple moving average of $49.06 and a 200 day simple moving average of $53.00. GitLab has a one year low of $40.19 and a one year high of $78.53. The company has a market capitalization of $8.44 billion, a PE ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same period last year, the business earned ($0.29) earnings per share. The business’s revenue was up 30.8% on a year-over-year basis. Equities analysts anticipate that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In related news, Director Merline Saintil sold 1,182 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total value of $60,884.82. Following the sale, the director now directly owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Brian G. Robins sold 23,334 shares of GitLab 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 sale, the chief financial officer now owns 282,441 shares of the company’s stock, valued at approximately $14,189,835.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Merline Saintil sold 1,182 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total value of $60,884.82. Following the completion of the sale, the director now owns 9,902 shares in the company, valued at approximately $510,052.02. The disclosure for this sale can be found here. Insiders sold 128,608 shares of company stock valued at $6,340,633 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of institutional investors have recently made changes to their positions in GTLB. Allspring Global Investments Holdings LLC boosted its holdings in GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in GitLab during the 1st quarter worth about $58,000. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab during the 1st quarter worth about $58,000. Quarry LP boosted its stake 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 buying an additional 500 shares during the last quarter. Finally, Tucker Asset Management LLC bought a new position in shares of GitLab in 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.