GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

GitLab (NASDAQ:GTLB) had its price objective upped by Wells Fargo & Company from $75.00 to $80.00 in a research note issued to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities research analysts have also issued research reports about the company. Bank of America raised their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Scotiabank raised their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday. KeyCorp lifted their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Piper Sandler increased their price objective on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday. Finally, TD Cowen boosted their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Three analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.56.

GitLab Stock Performance

NASDAQ GTLB opened at $67.19 on Friday. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The business has a 50 day moving average price of $57.91 and a two-hundred day moving average price of $52.28.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm’s revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.29) EPS. As a group, sell-side analysts forecast that GitLab will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Erin Mannix sold 1,433 shares of the business’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 sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the transaction, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. This represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oddo BHF Asset Management Sas acquired a new position in GitLab in the 3rd quarter worth about $6,865,000. Franklin Resources Inc. grew its stake in shares of GitLab by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after buying an additional 21,976 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in GitLab in the third quarter worth approximately $98,000. Sanctuary Advisors LLC raised its position in GitLab by 205.9% during the third quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock valued at $631,000 after acquiring an additional 8,242 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after acquiring an additional 132,548 shares during the last quarter. Hedge funds and other 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.