GitLab (NASDAQ:GTLB) PT Raised to $65.00 at UBS Group

GitLab (NASDAQ:GTLB) had its target price raised by UBS Group from $62.00 to $65.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on GTLB. Scotiabank raised their price target on shares of GitLab from $59.00 to $65.00 and gave the stock a sector outperform rating in a report on Wednesday. Barclays reduced their target price on GitLab from $55.00 to $50.00 and set an equal weight rating for the company in a research note on Tuesday, June 4th. Baird R W raised GitLab to a strong-buy rating in a research report on Tuesday, August 27th. Cantor Fitzgerald reissued an overweight rating and issued a $55.00 price objective on shares of GitLab in a report on Monday, August 19th. Finally, Bank of America lifted their target price on GitLab from $66.00 to $68.00 and gave the stock a buy rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, GitLab presently has an average rating of Moderate Buy and a consensus target price of $65.87.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $53.09 on Wednesday. The business’s 50-day moving average is $49.06 and its 200 day moving average is $53.00. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53. The firm has a market capitalization of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company’s revenue was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.29) earnings per share. On average, analysts expect that GitLab will post -0.5 EPS for the current year.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at $12,758,527.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the transaction, the chief financial officer now owns 259,109 shares in the company, valued at approximately $12,758,527.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robin Schulman sold 2,402 shares of GitLab stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total transaction of $135,112.50. Following the completion of the sale, the insider now directly owns 142,933 shares in the company, valued at approximately $8,039,981.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 128,608 shares of company stock valued at $6,340,633. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its holdings in GitLab by 2,107.7% in 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 during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of GitLab in the first quarter worth approximately $58,000. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab in the first quarter worth approximately $58,000. Quarry LP increased its position in shares of GitLab by 75.1% during the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after purchasing an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC acquired a new position in GitLab in the 4th quarter valued at $83,000. 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.