GitLab (NASDAQ:GTLB) Given New $74.00 Price Target at KeyCorp

GitLab (NASDAQ:GTLB) had its price target increased by KeyCorp from $62.00 to $74.00 in a report published on Tuesday morning,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

Other equities analysts have also recently issued reports about the stock. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Monday, October 21st. Cantor Fitzgerald raised shares of GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. TD Cowen upped their target price on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Wells Fargo & Company lifted their price target on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, Robert W. Baird upped their price objective on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price of $67.17.

GitLab Trading Down 0.1 %

Shares of GTLB opened at $63.75 on Tuesday. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The firm has a fifty day simple moving average of $56.60 and a 200 day simple moving average of $51.97. The stock has a market capitalization of $10.23 billion, a price-to-earnings ratio of -27.24 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter last year, the company earned ($0.29) EPS. GitLab’s revenue for the quarter was up 30.8% compared to the same quarter last year. As a group, research analysts predict that GitLab will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the transaction, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock valued at $10,569,356 over the last 90 days. 21.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Comerica Bank increased its stake in shares of GitLab by 2,076.2% in the 1st quarter. Comerica Bank now owns 66,373 shares of the company’s stock valued at $3,871,000 after purchasing an additional 63,323 shares during the last quarter. ARK Investment Management LLC acquired a new stake in GitLab in the third quarter valued at about $13,435,000. Tidal Investments LLC bought a new position in GitLab in the first quarter valued at about $922,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in GitLab by 111.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock worth $17,334,000 after acquiring an additional 176,967 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in GitLab by 56.1% during the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock worth $18,155,000 after acquiring an additional 126,578 shares in the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

GitLab Company Profile

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.