GitLab Inc. (NASDAQ:GTLB) Given Consensus Recommendation of “Moderate Buy” by Analysts

GitLab Inc. (NASDAQ:GTLB) has been assigned an average recommendation of “Moderate Buy” from the twenty-four analysts that are currently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation, nineteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $66.05.

GTLB has been the topic of a number of analyst reports. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 4th. TD Cowen lifted their price target on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Mizuho cut their price target on GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Barclays increased their price target on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Finally, Citic Securities initiated coverage on GitLab in a research note on Monday, June 3rd. They set a “buy” rating and a $80.00 target price for the company.

GitLab Price Performance

Shares of GitLab stock opened at $51.65 on Monday. The stock has a market cap of $8.21 billion, a PE ratio of -18.78 and a beta of 0.44. The firm has a fifty day moving average price of $49.35 and a 200 day moving average price of $51.49. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53.

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 the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.29) EPS. As a group, equities analysts expect that GitLab will post -0.41 EPS for the current year.

Insider Transactions at GitLab

In other news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Merline Saintil sold 1,182 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total transaction 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,947 shares of company stock worth $5,481,851. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

A number of large investors have recently bought and sold shares of GTLB. Teacher Retirement System of Texas lifted its stake in shares of GitLab by 12.9% in the fourth quarter. Teacher Retirement System of Texas now owns 6,324 shares of the company’s stock valued at $398,000 after purchasing an additional 722 shares during the period. Jump Financial LLC acquired a new stake in shares of GitLab in the 4th quarter worth approximately $334,000. Vanguard Personalized Indexing Management LLC increased its stake in GitLab by 5.3% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock valued at $346,000 after purchasing an additional 276 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in GitLab by 7.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 31,237 shares of the company’s stock worth $1,967,000 after purchasing an additional 2,069 shares during the last quarter. Finally, Assetmark Inc. boosted its position in GitLab by 35.3% during the fourth quarter. Assetmark Inc. now owns 22,582 shares of the company’s stock worth $1,422,000 after purchasing an additional 5,890 shares in the last quarter. 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.