GitLab (NASDAQ:GTLB) Price Target Raised to $63.00 at BTIG Research

GitLab (NASDAQ:GTLB) had its price objective raised by BTIG Research from $58.00 to $63.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also weighed in on the stock. Cantor Fitzgerald reaffirmed an overweight rating and set a $55.00 target price on shares of GitLab in a report on Monday, August 19th. Robert W. Baird increased their price objective on GitLab from $59.00 to $62.00 and gave the stock an outperform rating in a research report on Wednesday. KeyCorp reduced their target price on GitLab from $70.00 to $62.00 and set an overweight rating for the company in a research report on Tuesday, June 4th. DA Davidson restated a neutral rating and issued a $50.00 target price on shares of GitLab in a research note on Thursday, August 29th. Finally, Bank of America lifted their price target on GitLab from $66.00 to $68.00 and gave the company a buy rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $65.87.

GitLab Price Performance

GitLab stock opened at $53.09 on Wednesday. GitLab has a one year low of $40.19 and a one year high of $78.53. The firm has a market capitalization of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44. The business has a fifty day moving average price of $49.06 and a 200-day moving average price of $52.88.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping the consensus estimate 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 business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same quarter last year, the company earned ($0.29) EPS. The firm’s revenue was up 30.8% compared to the same quarter last year. Sell-side analysts expect that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total value of $530,381.82. Following the sale, the chief financial officer now directly owns 293,508 shares in the company, valued at $13,342,873.68. The disclosure for this sale can be found here. Insiders have sold a total of 128,608 shares of company stock worth $6,340,633 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of GitLab by 12.9% in 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. Capital Research Global Investors grew its holdings in GitLab by 78.5% in 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. Norges Bank bought a new position in shares of GitLab during the fourth quarter valued at approximately $222,591,000. Fiera Capital Corp lifted its holdings in shares of GitLab by 1.2% during the second quarter. Fiera Capital Corp now owns 1,242,468 shares of the company’s stock valued at $61,776,000 after purchasing an additional 14,687 shares during the last quarter. Finally, 1832 Asset Management L.P. bought a new stake in shares of GitLab in the 4th quarter worth approximately $76,918,000. 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.