Needham & Company LLC Upgrades GitLab (NASDAQ:GTLB) to “Buy”

GitLab (NASDAQ:GTLB) was upgraded by stock analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a research report issued on Monday, MarketBeat Ratings reports. The firm currently has a $70.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 27.62% from the company’s current price.

Several other equities analysts have also recently issued reports on the stock. Barclays boosted 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. Wells Fargo & Company boosted their price objective on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Scotiabank boosted their price objective on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research note on Wednesday, September 4th. Baird R W raised shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, BTIG Research boosted their price objective on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.38.

GitLab Price Performance

Shares of GitLab stock opened at $54.85 on Monday. The firm’s fifty day simple moving average is $50.97 and its 200-day simple moving average is $50.95. The stock has a market capitalization of $8.72 billion, a price-to-earnings ratio of -19.95 and a beta of 0.46. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.29) EPS. Analysts anticipate that GitLab will post -0.41 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were 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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Robin Schulman sold 2,990 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares in the company, valued at $7,484,180. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.72, for a total transaction of $177,840.00. Following the transaction, the director now owns 141,233 shares in the company, valued at approximately $7,728,269.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 103,673 shares of company stock worth $5,523,472. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in GTLB. Moloney Securities Asset Management LLC raised its stake in shares of GitLab by 4.9% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after purchasing an additional 300 shares in the last quarter. Park Avenue Securities LLC raised its stake in shares of GitLab by 9.6% in the 1st quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock valued at $207,000 after purchasing an additional 311 shares in the last quarter. Canton Hathaway LLC grew its position in shares of GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after buying an additional 435 shares during the last quarter. Blue Trust Inc. grew its position in shares of GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after buying an additional 488 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares during the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.