GitLab (NASDAQ:GTLB) Shares Gap Up – Still a Buy?

GitLab Inc. (NASDAQ:GTLB)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $49.97, but opened at $52.66. GitLab shares last traded at $53.08, with a volume of 963,502 shares changing hands.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of research reports. BTIG Research increased their target price on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Bank of America raised their price target on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Royal Bank of Canada increased their price objective on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. UBS Group lifted their target price on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Barclays lifted their price objective on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Four research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.22.

GitLab Trading Up 5.7 %

The stock has a market cap of $8.39 billion, a price-to-earnings ratio of -19.43 and a beta of 0.46. The firm has a fifty day simple moving average of $48.94 and a 200-day simple moving average of $51.20.

GitLab (NASDAQ:GTLB) last issued its 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. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same quarter last year, the firm earned ($0.29) EPS. The company’s revenue for the quarter was up 30.8% on a year-over-year basis. On average, equities analysts predict that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 4,430 shares of GitLab stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $249,187.50. Following the completion of the transaction, the director now directly owns 150,983 shares in the company, valued at approximately $8,492,793.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other GitLab news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Blasing sold 4,430 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $249,187.50. Following the sale, the director now directly owns 150,983 shares in the company, valued at approximately $8,492,793.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 107,765 shares of company stock worth $5,420,967. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its stake in GitLab by 2,107.7% in the first 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 in the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of GitLab in the first quarter valued at $58,000. Future Financial Wealth Managment LLC bought a new position in GitLab during the first quarter worth about $58,000. Quarry LP grew its holdings 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 buying an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC bought a new stake in shares of GitLab during the fourth quarter valued at about $83,000. 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.