GitLab Inc. (NASDAQ:GTLB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of GitLab Inc. (NASDAQ:GTLB) have received a consensus rating of “Moderate Buy” from the twenty-four analysts that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $66.05.

GTLB has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their target price on GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. DA Davidson reiterated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research note on Thursday, August 29th. Mizuho dropped their price objective on shares of GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Citic Securities began coverage on shares of GitLab in a research report on Monday, June 3rd. They set a “buy” rating and a $80.00 price objective for the company. Finally, UBS Group increased their target price on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th.

Insider Buying and Selling at GitLab

In other news, insider Robin Schulman sold 2,402 shares of the stock in a transaction dated 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 owns 142,933 shares in the company, valued at $8,039,981.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Robin Schulman sold 2,402 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total value of $135,112.50. Following the transaction, the insider now owns 142,933 shares of the company’s stock, valued at $8,039,981.25. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Karen Blasing sold 4,430 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total value of $249,187.50. Following the sale, the director now directly owns 150,983 shares of the company’s stock, valued at $8,492,793.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 133,115 shares of company stock worth $6,683,620. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its position in GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the period. Banque Cantonale Vaudoise acquired a new stake in shares of GitLab in the 1st quarter valued at approximately $58,000. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab in the first quarter valued at about $58,000. Quarry LP boosted its holdings 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 buying an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC acquired a new position in GitLab during the fourth quarter worth about $83,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $52.05 on Monday. The firm’s 50-day moving average is $49.35 and its two-hundred day moving average is $51.64. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53. The firm has a market capitalization of $8.27 billion, a PE ratio of -18.93 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last released its 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. The company had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.29) EPS. Analysts expect that GitLab will post -0.41 EPS for the current fiscal 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.