Brokerages Set GitLab Inc. (NASDAQ:GTLB) Price Target at $66.05

GitLab Inc. (NASDAQ:GTLB) has been assigned an average recommendation of “Moderate Buy” from the twenty-four research firms that are currently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $66.05.

GTLB has been the topic of several recent research reports. Bank of America increased their target price on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Robert W. Baird raised 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. Wells Fargo & Company boosted their price objective 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. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of GitLab in a report on Wednesday, September 4th.

GitLab Trading Up 0.5 %

GTLB opened at $51.65 on Monday. The company has a market capitalization of $8.21 billion, a price-to-earnings ratio of -18.73 and a beta of 0.44. GitLab has a 12-month low of $40.19 and a 12-month high of $78.53. The business’s fifty day simple moving average is $49.39 and its 200-day simple moving average is $51.56.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the prior year, the business earned ($0.29) EPS. The firm’s quarterly revenue was up 30.8% on a year-over-year basis. On average, equities research analysts predict that GitLab will post -0.41 EPS for the current year.

Insider Activity at GitLab

In other GitLab news, 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 transaction of $249,187.50. Following the sale, the director now directly owns 150,983 shares of the company’s stock, valued at approximately $8,492,793.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Erin Mannix sold 1,433 shares of the business’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. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Karen Blasing sold 4,430 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total transaction of $249,187.50. Following the sale, the director now owns 150,983 shares in the company, valued at approximately $8,492,793.75. The disclosure for this sale can be found here. Insiders sold 132,725 shares of company stock worth $6,675,734 over the last three months. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GTLB. Vanguard Personalized Indexing Management LLC increased its stake in shares of GitLab by 5.3% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock valued at $346,000 after purchasing an additional 276 shares in the last quarter. Moloney Securities Asset Management LLC increased its position in shares of GitLab by 4.9% in the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after buying an additional 300 shares in the last quarter. Park Avenue Securities LLC raised its stake in shares of GitLab by 9.6% during the 1st quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock worth $207,000 after buying an additional 311 shares during the period. Treasurer of the State of North Carolina lifted its position in shares of GitLab by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 38,900 shares of the company’s stock valued at $2,449,000 after buying an additional 380 shares in the last quarter. Finally, Canton Hathaway LLC grew its stake in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after acquiring an additional 435 shares during the period. Institutional investors and hedge funds 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.