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

Cantor Fitzgerald upgraded shares of GitLab (NASDAQ:GTLB) to a strong-buy rating in a research note released on Tuesday,Zacks.com reports.

Several other equities research analysts have also issued reports on GTLB. Royal Bank of Canada lifted their price target on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. DA Davidson reiterated a “neutral” rating and issued a $50.00 target price on shares of GitLab in a report on Monday, October 14th. Baird R W raised shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Barclays raised their target price on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 5th. Finally, UBS Group upped their price target on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.38.

GitLab Stock Performance

GTLB opened at $60.93 on Tuesday. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The company has a market capitalization of $9.78 billion, a P/E ratio of -26.04 and a beta of 0.45. The stock has a fifty day moving average of $54.13 and a 200-day moving average of $51.09.

GitLab (NASDAQ:GTLB) last announced 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. The company had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same period last year, the firm earned ($0.29) earnings per share. On average, equities research analysts predict that GitLab will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction on 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 owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 97,007 shares of company stock valued at $5,320,233. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GTLB. Blair William & Co. IL lifted its stake in GitLab by 55.3% during the 1st quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock valued at $2,413,000 after acquiring an additional 14,738 shares during the period. Comerica Bank increased its position in GitLab by 2,076.2% in the first quarter. Comerica Bank now owns 66,373 shares of the company’s stock worth $3,871,000 after purchasing an additional 63,323 shares during the last quarter. Tidal Investments LLC bought a new position in GitLab during the first quarter valued at $922,000. ARK Investment Management LLC bought a new position in shares of GitLab during the 3rd quarter valued at approximately $13,435,000. Finally, William Blair Investment Management LLC purchased a new stake in GitLab during the 2nd quarter valued at $16,071,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

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.