GitLab (NASDAQ:GTLB) Price Target Raised to $70.00 at TD Cowen

GitLab (NASDAQ:GTLB) had its price objective increased by investment analysts at TD Cowen from $63.00 to $70.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 7.49% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. UBS Group increased their price objective on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Barclays raised their price objective on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. BTIG Research upped their target price on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Bank of America raised their price target on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Baird R W raised GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price of $66.67.

GitLab Price Performance

Shares of GitLab stock traded up $2.97 during trading hours on Thursday, hitting $65.12. The company had a trading volume of 1,313,759 shares, compared to its average volume of 2,324,369. The company’s 50-day moving average is $54.86 and its two-hundred day moving average is $51.39. The company has a market cap of $10.45 billion, a P/E ratio of -27.44 and a beta of 0.45. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last released 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. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the prior year, the firm posted ($0.29) earnings per share. GitLab’s revenue for the quarter was up 30.8% on a year-over-year basis. Sell-side analysts expect that GitLab will post -0.41 EPS for the current year.

Insider Buying and Selling at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction dated 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 approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

Hedge funds have recently bought and sold shares of the company. Bank of Marin lifted its stake in shares of GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after purchasing an additional 171 shares during the period. Moloney Securities Asset Management LLC increased its stake in GitLab by 4.9% in the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after purchasing an additional 300 shares during the last quarter. Glenmede Trust Co. NA lifted its position in GitLab by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after buying an additional 334 shares during the period. Canton Hathaway LLC boosted its stake in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after buying an additional 435 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after buying an additional 488 shares during the period. Institutional investors and hedge funds 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.