GitLab (NASDAQ:GTLB) Price Target Raised to $62.00

GitLab (NASDAQ:GTLB) had its price target raised by Robert W. Baird from $59.00 to $62.00 in a research note published on Wednesday, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

GTLB has been the topic of several other reports. Baird R W upgraded shares of GitLab to a strong-buy rating in a research note on Tuesday, August 27th. Royal Bank of Canada reissued an outperform rating and set a $65.00 price target on shares of GitLab in a research report on Thursday, July 18th. Canaccord Genuity Group cut their price objective on GitLab from $74.00 to $65.00 and set a buy rating for the company in a research report on Wednesday, June 5th. TD Cowen decreased their target price on GitLab from $76.00 to $58.00 and set a buy rating on the stock in a report on Tuesday, August 27th. Finally, Barclays cut their price target on GitLab from $55.00 to $50.00 and set an equal weight rating for the company in a report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $65.87.

GitLab Stock Performance

GTLB opened at $53.09 on Wednesday. The business’s 50-day simple moving average is $49.06 and its 200 day simple moving average is $53.00. GitLab has a 52-week low of $40.19 and a 52-week high of $78.53. The firm has a market capitalization of $8.44 billion, a PE ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The firm’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.29) EPS. On average, research analysts forecast that GitLab will post -0.5 earnings per share for the current year.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 23,332 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the transaction, the chief financial officer now owns 259,109 shares of the company’s stock, valued at $12,758,527.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other GitLab news, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at approximately $12,758,527.16. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total transaction of $530,381.82. Following the sale, the chief financial officer now directly owns 293,508 shares of the company’s stock, valued at approximately $13,342,873.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,608 shares of company stock valued at $6,340,633. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC raised its holdings in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in GitLab in the first quarter valued at about $58,000. Future Financial Wealth Managment LLC bought a new position in GitLab in the first quarter valued at about $58,000. Quarry LP raised its stake in GitLab by 75.1% during the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after acquiring an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC bought a new position in shares of GitLab in the fourth quarter worth about $83,000. Institutional investors and hedge funds 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.