DA Davidson Issues Positive Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price target upped by equities researchers at DA Davidson from $50.00 to $70.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s price objective suggests a potential upside of 1.71% from the stock’s previous close.

Other analysts have also issued reports about the stock. Morgan Stanley lifted their price target on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday. KeyCorp increased their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. Piper Sandler increased their target price on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday. Truist Financial reissued a “buy” rating and issued a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday. Finally, BTIG Research increased their price objective on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $74.56.

GitLab Price Performance

NASDAQ:GTLB traded up $2.78 during mid-day trading on Friday, hitting $68.82. 9,192,156 shares of the company’s stock were exchanged, compared to its average volume of 2,376,925. GitLab has a one year low of $40.72 and a one year high of $78.53. The business has a fifty day moving average price of $57.60 and a 200 day moving average price of $52.22. The company has a market cap of $11.05 billion, a PE ratio of -29.41 and a beta of 0.54.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data 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 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%. GitLab’s revenue was up 30.8% compared to the same quarter last year. During the same period last year, the business earned ($0.29) EPS. On average, equities analysts forecast that GitLab will post -0.41 EPS for the current fiscal year.

Insider Activity

In related news, CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. This represents a 6.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Institutional investors and hedge funds have recently bought and sold shares of the company. Cetera Advisors LLC purchased a new position in GitLab in the 1st quarter worth $368,000. M&G Plc acquired a new position in shares of GitLab during the 2nd quarter worth approximately $10,266,000. Wealth Enhancement Advisory Services LLC lifted its holdings in GitLab by 5.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock valued at $3,355,000 after purchasing an additional 3,570 shares in the last quarter. Tran Capital Management L.P. boosted its holdings in GitLab by 127.6% in the 2nd quarter. Tran Capital Management L.P. now owns 200,628 shares of the company’s stock worth $9,975,000 after buying an additional 112,490 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in GitLab in the 2nd quarter valued at $214,000. 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.