GitLab (NASDAQ:GTLB) Now Covered by Analysts at Morgan Stanley

Equities research analysts at Morgan Stanley started coverage on shares of GitLab (NASDAQ:GTLB) in a research note issued to investors on Wednesday, Benzinga reports. The brokerage set an “overweight” rating and a $70.00 price target on the stock. Morgan Stanley’s target price would suggest a potential upside of 40.08% from the stock’s previous close.

Several other brokerages have also commented on GTLB. Baird R W raised GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Barclays boosted their price objective on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, September 5th. Bank of America boosted their price objective on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. BTIG Research boosted their price objective on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, TD Cowen boosted their price objective on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.22.

GitLab Stock Up 1.0 %

GTLB stock opened at $49.97 on Wednesday. The firm has a market capitalization of $7.94 billion, a PE ratio of -18.17 and a beta of 0.46. GitLab has a twelve month low of $40.19 and a twelve month high of $78.53. The stock has a 50-day simple moving average of $48.94 and a two-hundred day simple moving average of $51.20.

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

Insider Buying and Selling at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other GitLab news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 107,765 shares of company stock worth $5,420,967. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its position 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 purchasing an additional 548 shares during the period. Future Financial Wealth Managment LLC purchased a new position in GitLab during the 3rd quarter valued at $52,000. Banque Cantonale Vaudoise purchased a new position in GitLab during the 1st quarter valued at $58,000. Quarry LP increased its position in GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares during the period. Finally, Tucker Asset Management LLC purchased a new position in GitLab during the 4th quarter valued at $83,000. Institutional investors 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.