GitLab (NASDAQ:GTLB) Receives Neutral Rating from DA Davidson

DA Davidson reaffirmed their neutral rating on shares of GitLab (NASDAQ:GTLB) in a research note published on Monday morning, Benzinga reports. They currently have a $50.00 price target on the stock.

A number of other research firms have also recently weighed in on GTLB. Morgan Stanley assumed coverage on shares of GitLab in a research note on Wednesday, October 9th. They issued an overweight rating and a $70.00 target price on the stock. Needham & Company LLC restated a hold rating on shares of GitLab in a research report on Wednesday, September 4th. Scotiabank boosted their price target on shares of GitLab from $59.00 to $65.00 and gave the company a sector outperform rating in a research report on Wednesday, September 4th. Royal Bank of Canada boosted their price target on shares of GitLab from $55.00 to $60.00 and gave the company an outperform rating in a research report on Wednesday, September 4th. Finally, BTIG Research boosted their price target on shares of GitLab from $58.00 to $63.00 and gave the company a buy rating in a research report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $66.22.

GitLab Stock Up 0.4 %

NASDAQ GTLB opened at $54.97 on Monday. The stock has a market cap of $8.73 billion, a P/E ratio of -19.99 and a beta of 0.46. The company’s 50-day simple moving average is $49.49 and its 200 day simple moving average is $51.02. GitLab has a twelve month low of $40.19 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share 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 firm’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.29) earnings per share. Research analysts anticipate that GitLab will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other GitLab news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction dated 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 sale, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other GitLab news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction dated 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 sale, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the sale, the chief financial officer now owns 259,109 shares of the company’s stock, valued at $12,758,527.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,255 shares of company stock worth $2,667,852 in the last quarter. 21.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Several hedge funds have recently bought and sold shares of the company. Creative Planning bought a new position in GitLab in the 3rd quarter valued at about $208,000. Westend Capital Management LLC bought a new stake in shares of GitLab during the 3rd quarter valued at approximately $4,934,000. CWM LLC grew its holdings in shares of GitLab by 40.9% during the 3rd quarter. CWM LLC now owns 65,523 shares of the company’s stock valued at $3,377,000 after purchasing an additional 19,022 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab during the 3rd quarter valued at approximately $52,000. Finally, Handelsbanken Fonder AB grew its holdings in shares of GitLab by 28.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 28,200 shares of the company’s stock valued at $1,453,000 after purchasing an additional 6,300 shares during the last quarter. 91.72% of the stock is owned by institutional investors.

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.