Brokerages Set GitLab Inc. (NASDAQ:GTLB) Price Target at $66.22

Shares of GitLab Inc. (NASDAQ:GTLB) have been given a consensus rating of “Moderate Buy” by the twenty-five analysts that are covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold recommendation, twenty have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $66.22.

Several research analysts have issued reports on the company. Scotiabank upped their price target on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. TD Cowen upped their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Baird R W raised GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Royal Bank of Canada upped their target price on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Finally, UBS Group upped 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

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is available at this hyperlink. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the sale, the chief financial officer now owns 259,109 shares in the company, valued at $12,758,527.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,673 shares of company stock worth $5,523,472. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. Blue Trust Inc. grew its position in shares of GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after purchasing an additional 488 shares during the last quarter. Claro Advisors LLC acquired a new position in shares of GitLab in the third quarter valued at approximately $304,000. Renaissance Capital LLC grew its position in shares of GitLab by 20.0% in the third quarter. Renaissance Capital LLC now owns 127,788 shares of the company’s stock valued at $6,586,000 after purchasing an additional 21,337 shares during the last quarter. Washington Capital Management Inc. grew its position in shares of GitLab by 58.5% in the third quarter. Washington Capital Management Inc. now owns 12,676 shares of the company’s stock valued at $653,000 after purchasing an additional 4,676 shares during the last quarter. Finally, Creative Planning acquired a new position in shares of GitLab in the third quarter valued at approximately $208,000. Institutional investors own 91.72% of the company’s stock.

GitLab Stock Performance

Shares of GTLB stock opened at $55.34 on Friday. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of -20.12 and a beta of 0.46. GitLab has a one year low of $40.19 and a one year high of $78.53. The company’s 50-day simple moving average is $50.49 and its 200-day simple moving average is $50.97.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate 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 15.40% and a negative net margin of 54.62%. The business’s revenue was up 30.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.29) EPS. As a group, research analysts forecast that GitLab will post -0.41 EPS 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.