GitLab (NASDAQ:GTLB) Upgraded at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of GitLab (NASDAQ:GTLB) to a strong-buy rating in a research report report published on Tuesday,Zacks.com reports.

Several other research analysts also recently issued reports on GTLB. Morgan Stanley assumed coverage on shares of GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price objective on the stock. Needham & Company LLC raised GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Monday, October 21st. Bank of America upped their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Barclays lifted their target price on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Finally, UBS Group boosted their target price on GitLab from $62.00 to $65.00 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 have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.38.

GitLab Price Performance

Shares of GTLB opened at $61.15 on Tuesday. GitLab has a 1-year low of $40.72 and a 1-year high of $78.53. The stock has a market cap of $9.81 billion, a PE ratio of -26.13 and a beta of 0.45. The firm has a fifty day moving average price of $54.26 and a 200 day moving average price of $51.16.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results 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. The firm had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.29) EPS. As a group, equities analysts expect that GitLab will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the sale, the chief financial officer now owns 242,803 shares in the company, valued at approximately $13,776,642.22. This represents a 6.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 97,007 shares of company stock worth $5,320,233. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted its holdings in GitLab by 2,107.7% in the 1st 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. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab in the third quarter valued at approximately $52,000. Rakuten Securities Inc. lifted its stake in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the period. Quarry LP boosted its position in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in GitLab in the 3rd quarter worth approximately $96,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.