Brokerages Set GitLab Inc. (NASDAQ:GTLB) Price Target at $66.38

GitLab Inc. (NASDAQ:GTLB) has received a consensus rating of “Moderate Buy” from the twenty-five analysts that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, twenty have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $66.38.

Several research firms have weighed in on GTLB. Baird R W raised GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Barclays lifted their price objective on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Monday, October 21st. Wells Fargo & Company lifted their price target on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, Scotiabank upped 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.

Insider Activity at GitLab

In other news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now owns 250,109 shares in the company, valued at $13,423,350.03. This represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 97,007 shares of company stock worth $5,320,233. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of GTLB. Allspring Global Investments Holdings LLC grew its stake in 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 purchasing an additional 548 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the 3rd quarter valued at approximately $52,000. True Wealth Design LLC acquired a new stake in shares of GitLab during the third quarter worth approximately $56,000. Rakuten Securities Inc. increased its stake in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares during the last quarter. Finally, Quarry LP raised its holdings in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after acquiring an additional 1,502 shares in the last quarter. 91.72% of the stock is owned by hedge funds and other institutional investors.

GitLab Stock Performance

NASDAQ: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 fifty day moving average price of $54.26 and a two-hundred day moving average price of $51.16. The stock has a market capitalization of $9.81 billion, a price-to-earnings ratio of -26.13 and a beta of 0.45.

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 analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million during 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 firm’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period last year, the company posted ($0.29) earnings per share. On average, analysts predict that GitLab will post -0.41 EPS for the current 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.