GitLab’s (GTLB) Outperform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of GitLab (NASDAQ:GTLB) in a research note published on Friday, Benzinga reports. Royal Bank of Canada currently has a $65.00 price target on the stock.

Other equities analysts have also issued reports about the stock. Sanford C. Bernstein lifted their price objective on shares of GitLab from $71.00 to $76.00 and gave the company an outperform rating in a report on Tuesday, March 5th. Barclays lowered their target price on shares of GitLab from $55.00 to $50.00 and set an equal weight rating for the company in a research note on Tuesday, June 4th. Citic Securities began coverage on shares of GitLab in a research note on Monday, June 3rd. They issued a buy rating and a $80.00 target price for the company. Wolfe Research upgraded shares of GitLab from a peer perform rating to an outperform rating and set a $75.00 target price for the company in a research note on Wednesday, March 6th. Finally, BTIG Research lowered their target price on shares of GitLab from $71.00 to $58.00 and set a buy rating for the company in a research note on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $67.30.

GitLab Price Performance

Shares of GTLB stock opened at $49.72 on Friday. The company’s 50 day moving average is $50.70 and its 200 day moving average is $59.12. GitLab has a 52-week low of $40.19 and a 52-week high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.09. The company had revenue of $169.19 million for the quarter, compared to analyst estimates of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. Sell-side analysts expect that GitLab will post -0.5 EPS for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Merline Saintil sold 1,329 shares of GitLab stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total value of $58,848.12. Following the completion of the transaction, the director now owns 7,040 shares of the company’s stock, valued at $311,731.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Merline Saintil sold 1,329 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total transaction of $58,848.12. Following the completion of the sale, the director now owns 7,040 shares of the company’s stock, valued at $311,731.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 60,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $56.08, for a total transaction of $3,364,800.00. Following the sale, the chief financial officer now directly owns 346,146 shares of the company’s stock, valued at approximately $19,411,867.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 141,157 shares of company stock valued at $7,558,967. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC boosted its holdings in GitLab by 5.3% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock valued at $346,000 after purchasing an additional 276 shares during the last quarter. Atria Wealth Solutions Inc. boosted its holdings in GitLab by 2.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 14,582 shares of the company’s stock valued at $918,000 after purchasing an additional 290 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of GitLab by 2.6% in the 4th quarter. Asset Management One Co. Ltd. now owns 11,900 shares of the company’s stock worth $769,000 after acquiring an additional 300 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in shares of GitLab by 9.6% in the 1st quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock worth $207,000 after acquiring an additional 311 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of GitLab by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 38,900 shares of the company’s stock worth $2,449,000 after acquiring an additional 380 shares during the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

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.