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

GitLab (NASDAQ:GTLB) had its target price raised by TD Cowen from $63.00 to $70.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently issued reports on GTLB. Bank of America boosted 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. 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. Cantor Fitzgerald raised shares of GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. Royal Bank of Canada boosted their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company raised their price target on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.67.

GitLab Stock Performance

Shares of GTLB traded up $0.42 during mid-day trading on Thursday, reaching $65.22. 98,449 shares of the company were exchanged, compared to its average volume of 2,329,264. The business has a 50 day simple moving average of $55.08 and a two-hundred day simple moving average of $51.49. The stock has a market capitalization of $10.47 billion, a PE ratio of -27.69 and a beta of 0.45. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results 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 net margin of 54.62% and a negative return on equity of 15.40%. The firm had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the previous year, the company earned ($0.29) EPS. The company’s revenue for the quarter was up 30.8% on a year-over-year basis. On average, analysts predict that GitLab will post -0.41 EPS for the current year.

Insider Activity at GitLab

In related news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were 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 in the company, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab in the third quarter valued at $52,000. True Wealth Design LLC purchased a new position in GitLab during the 3rd quarter valued at about $56,000. Rakuten Securities Inc. increased its position in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the period. Quarry LP lifted its holdings in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of GitLab in the third quarter valued at approximately $96,000. 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.