Bank of America Increases GitLab (NASDAQ:GTLB) Price Target to $68.00

GitLab (NASDAQ:GTLB) had its price objective lifted by Bank of America from $66.00 to $68.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also commented on GTLB. BTIG Research dropped their price target on shares of GitLab from $71.00 to $58.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Baird R W raised shares of GitLab to a strong-buy rating in a report on Tuesday, August 27th. Robert W. Baird began coverage on shares of GitLab in a report on Tuesday, August 27th. They issued an outperform rating and a $59.00 target price for the company. Cantor Fitzgerald restated an overweight rating and set a $55.00 price target on shares of GitLab in a research note on Monday, August 19th. Finally, DA Davidson restated a neutral rating and issued a $50.00 price objective on shares of GitLab in a research report on Thursday, August 29th. Four research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, GitLab presently has an average rating of Moderate Buy and an average price target of $65.87.

GitLab Stock Down 4.9 %

Shares of GTLB opened at $53.09 on Wednesday. The company has a market cap of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44. GitLab has a fifty-two week low of $40.19 and a fifty-two week high of $78.53. The firm’s 50 day moving average price is $49.06 and its 200 day moving average price is $53.00.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The business’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.29) earnings per share. Research analysts forecast that GitLab will post -0.5 earnings per share for the current year.

Insider Buying and Selling at GitLab

In related news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total transaction of $530,381.82. Following the completion of the sale, the chief financial officer now owns 293,508 shares in the company, valued at approximately $13,342,873.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total value of $530,381.82. Following the completion of the transaction, the chief financial officer now directly owns 293,508 shares in the company, valued at approximately $13,342,873.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karen Blasing sold 4,430 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total value of $249,187.50. Following the transaction, the director now owns 150,983 shares in the company, valued at $8,492,793.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 128,608 shares of company stock worth $6,340,633. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Fiera Capital Corp increased its position in shares of GitLab by 0.5% in the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after acquiring an additional 5,446 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of GitLab by 10.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after acquiring an additional 51,612 shares during the last quarter. Blair William & Co. IL increased its holdings in GitLab by 55.3% during the 1st quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock worth $2,413,000 after purchasing an additional 14,738 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of GitLab in the first quarter worth $58,000. Finally, Balyasny Asset Management L.P. increased its position in shares of GitLab by 520.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock worth $47,134,000 after purchasing an additional 627,999 shares during the last quarter. 91.72% of the stock is owned by hedge funds and other institutional investors.

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.