GitLab Inc. (NASDAQ:GTLB) Receives $66.38 Average PT from Brokerages

Shares of GitLab Inc. (NASDAQ:GTLB) have received a consensus rating of “Moderate Buy” from the twenty-five brokerages that are currently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, twenty have assigned a buy recommendation and two have assigned 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.

GTLB has been the topic of a number of research reports. Needham & Company LLC raised shares of 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. Royal Bank of Canada boosted their target price on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Bank of America upped their price target on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. BTIG Research boosted their price objective on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $50.00 price objective on shares of GitLab in a report on Monday, October 14th.

GitLab Trading Down 2.1 %

Shares of GTLB opened at $59.87 on Tuesday. The stock has a 50 day moving average of $54.50 and a 200 day moving average of $51.26. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The company has a market capitalization of $9.61 billion, a price-to-earnings ratio of -25.59 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to analyst estimates 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 prior year, the business earned ($0.29) earnings per share. As a group, equities research analysts predict that GitLab will post -0.41 earnings per share for the current year.

Insider Transactions at GitLab

In other news, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the sale, the insider now owns 136,076 shares of the company’s stock, valued at approximately $7,484,180. This represents a 2.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. 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. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its position 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 during the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab in the third quarter worth $52,000. True Wealth Design LLC bought a new stake in GitLab during the 3rd quarter valued at $56,000. Rakuten Securities Inc. boosted its position in GitLab by 268.1% during the 3rd 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. Finally, Quarry LP increased its position in shares of 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 during the period. Institutional investors 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.