GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, TD Cowen Analyst Says

GitLab (NASDAQ:GTLB) had its target price boosted by TD Cowen from $63.00 to $70.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently commented on GTLB. Baird R W upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Morgan Stanley started coverage on GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 target price on the stock. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. Robert W. Baird boosted their price target on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Finally, DA Davidson reissued a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average target price of $66.67.

GitLab Stock Up 2.8 %

GTLB stock opened at $66.62 on Thursday. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53. The stock has a market cap of $10.69 billion, a price-to-earnings ratio of -28.47 and a beta of 0.45. The business has a fifty day moving average of $55.32 and a two-hundred day moving average of $51.55.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data 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. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same period last year, the company earned ($0.29) EPS. The company’s quarterly revenue was up 30.8% on a year-over-year basis. As a group, sell-side analysts anticipate that GitLab will post -0.41 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robin Schulman sold 2,990 shares of the firm’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares in the company, valued at approximately $7,484,180. This represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GitLab

A number of large investors have recently modified their holdings of the business. Future Financial Wealth Managment LLC acquired a new position in GitLab during the third quarter worth about $52,000. True Wealth Design LLC acquired a new position in shares of GitLab in the third quarter valued at approximately $56,000. Rakuten Securities Inc. lifted its stake 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 period. Quarry LP grew its holdings in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of GitLab in the 3rd quarter worth about $96,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

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.