Cantor Fitzgerald Upgrades GitLab (NASDAQ:GTLB) to “Strong-Buy”

GitLab (NASDAQ:GTLB) was upgraded by Cantor Fitzgerald to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Barclays raised their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, September 5th. TD Cowen lifted their price objective on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. DA Davidson reissued a “neutral” rating and set a $50.00 target price on shares of GitLab in a report on Monday, October 14th. BTIG Research boosted 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. Finally, Morgan Stanley assumed coverage on shares of GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average target price of $66.38.

GitLab Price Performance

Shares of GTLB opened at $60.93 on Tuesday. The company’s 50-day moving average is $54.13 and its 200-day moving average is $51.09. The firm has a market capitalization of $9.78 billion, a PE ratio of -26.04 and a beta of 0.45. GitLab has a fifty-two week low of $40.72 and a fifty-two week 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, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. 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 previous year, the company posted ($0.29) earnings per share. The business’s revenue was up 30.8% on a year-over-year basis. Analysts predict that GitLab will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,990 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the sale, the insider now directly owns 136,076 shares of the company’s stock, valued at $7,484,180. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Robin Schulman sold 2,990 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now owns 136,076 shares in the company, valued at $7,484,180. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the sale, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,007 shares of company stock worth $5,320,233. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the period. Future Financial Wealth Managment LLC bought a new position in GitLab during the third quarter valued at about $52,000. Rakuten Securities Inc. increased its holdings in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares during the last quarter. Quarry LP raised its position in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in GitLab in the third quarter valued at about $96,000. 91.72% of the stock is owned by institutional investors.

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.