Analysts Set GitLab Inc. (NASDAQ:GTLB) Price Target at $66.38

GitLab Inc. (NASDAQ:GTLB) has been given an average rating of “Moderate Buy” by the twenty-five analysts that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, twenty have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $66.38.

A number of equities analysts have recently issued reports on GTLB shares. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research report on Monday, October 21st. DA Davidson reaffirmed a “neutral” rating and issued a $50.00 target price on shares of GitLab in a report on Monday, October 14th. Royal Bank of Canada raised their price target on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Finally, Robert W. Baird boosted their price target on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th.

Insider Transactions at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $13,776,642.22. This represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,007 shares of company stock valued at $5,320,233 in the last ninety days. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its holdings in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after acquiring an additional 548 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab in the third quarter valued at approximately $52,000. True Wealth Design LLC purchased a new position in shares of GitLab during the 3rd quarter worth approximately $56,000. Rakuten Securities Inc. raised its position in shares of GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Finally, Quarry LP lifted its stake in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares in the last quarter. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Price Performance

NASDAQ GTLB opened at $59.96 on Tuesday. The company has a fifty day moving average of $54.50 and a two-hundred day moving average of $51.24. The company has a market capitalization of $9.62 billion, a PE ratio of -25.62 and a beta of 0.45. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business’s revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.29) EPS. On average, research analysts expect that GitLab will post -0.41 earnings per share for the current year.

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.