GitLab (NASDAQ:GTLB) Sees Large Volume Increase on Analyst Upgrade

GitLab Inc. (NASDAQ:GTLB) saw strong trading volume on Friday after DA Davidson raised their price target on the stock from $50.00 to $70.00. DA Davidson currently has a neutral rating on the stock. 3,024,226 shares traded hands during trading, an increase of 29% from the previous session’s volume of 2,343,088 shares.The stock last traded at $69.79 and had previously closed at $66.04.

A number of other equities research analysts also recently weighed in on GTLB. Baird R W raised GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. TD Cowen raised their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Cantor Fitzgerald increased their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Barclays increased their price objective on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Finally, BTIG Research increased their price objective on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $74.56.

Insider Transactions at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the firm’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 transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. This trade represents a 1.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robin Schulman sold 2,990 shares of the firm’s stock in a transaction that occurred on 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 owns 136,076 shares of the company’s stock, valued at $7,484,180. This trade represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. In 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

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. lifted its position in shares of GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after buying an additional 21,976 shares during the period. State Street Corp raised its position in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares during the last quarter. Geode Capital Management LLC raised its position in GitLab by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after purchasing an additional 132,548 shares during the last quarter. Fiera Capital Corp raised its position in GitLab by 1.4% in the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after purchasing an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY raised its position in GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after purchasing an additional 4,874 shares during the last quarter. Institutional investors own 91.72% of the company’s stock.

GitLab Stock Performance

The company has a 50-day simple moving average of $57.91 and a 200-day simple moving average of $52.28. The stock has a market cap of $10.78 billion, a P/E ratio of -28.71 and a beta of 0.54.

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, 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 firm had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the previous year, the company posted ($0.29) EPS. The business’s revenue for the quarter was up 30.8% compared to the same quarter last year. As a group, sell-side analysts expect that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

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.