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

GitLab (NASDAQ:GTLB) was upgraded by equities research analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a report released on Monday, Benzinga reports. The firm presently has a $70.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 26.49% from the company’s current price.

A number of other research firms have also issued reports on GTLB. Scotiabank raised their target price on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. Baird R W upgraded GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Wells Fargo & Company boosted their price target on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Robert W. Baird upped their price target on shares of GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Finally, Barclays increased their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, September 5th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $66.38.

GitLab Stock Performance

GTLB opened at $55.34 on Monday. The company has a market capitalization of $8.79 billion, a PE ratio of -20.12 and a beta of 0.46. The stock’s fifty day moving average is $50.49 and its 200-day moving average is $50.97. GitLab has a one year low of $40.19 and a one year high of $78.53.

GitLab (NASDAQ:GTLB) last issued 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. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the previous year, the company posted ($0.29) earnings per share. The business’s quarterly revenue was up 30.8% compared to the same quarter last year. On average, equities research analysts forecast that GitLab will post -0.41 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, insider Robin Schulman sold 2,990 shares of the firm’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 transaction, the insider now directly owns 136,076 shares of the company’s stock, valued at $7,484,180. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other GitLab news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.72, for a total value of $177,840.00. Following the completion of the sale, the director now directly owns 141,233 shares of the company’s stock, valued at $7,728,269.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robin Schulman sold 2,990 shares of the business’s 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 completion of the transaction, the insider now owns 136,076 shares in the company, valued at $7,484,180. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders 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 hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of GitLab by 12.9% in the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after acquiring an additional 1,070,994 shares during the period. Capital Research Global Investors increased its position in shares of GitLab by 78.5% during the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after buying an additional 3,096,437 shares during the period. Fiera Capital Corp increased its position in shares of GitLab by 1.2% during the second quarter. Fiera Capital Corp now owns 1,242,468 shares of the company’s stock valued at $61,776,000 after buying an additional 14,687 shares during the period. Renaissance Technologies LLC increased its position in shares of GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after buying an additional 747,712 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new position in shares of GitLab during the first quarter valued at about $49,196,000. Hedge funds and other institutional investors 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.