GitLab (NASDAQ:GTLB) Price Target Raised to $55.00

GitLab (NASDAQ:GTLB) had its target price boosted by Barclays from $50.00 to $55.00 in a research report released on Thursday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

GTLB has been the subject of a number of other reports. JPMorgan Chase & Co. lowered their target price on GitLab from $55.00 to $50.00 and set a neutral rating for the company in a research report on Tuesday, June 4th. KeyCorp dropped their price objective on shares of GitLab from $70.00 to $62.00 and set an overweight rating for the company in a research note on Tuesday, June 4th. Mizuho reduced their target price on shares of GitLab from $70.00 to $62.00 and set a buy rating on the stock in a report on Tuesday, June 4th. Bank of America increased their price target on shares of GitLab from $66.00 to $68.00 and gave the company a buy rating in a report on Wednesday. Finally, Robert W. Baird lifted their price target on GitLab from $59.00 to $62.00 and gave the stock an outperform rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $65.87.

GitLab Stock Performance

GTLB opened at $53.09 on Thursday. The stock has a market capitalization of $8.44 billion, a price-to-earnings ratio of -19.31 and a beta of 0.44. The company has a fifty day moving average of $49.06 and a 200 day moving average of $52.88. GitLab has a fifty-two week low of $40.19 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLB) last issued 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 firm had revenue of $182.58 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.29) earnings per share. On average, equities research analysts forecast that GitLab will post -0.5 earnings per share for the current year.

Insider Transactions at GitLab

In related news, Director Merline Saintil sold 1,329 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the completion of the sale, the director now owns 7,040 shares in the company, valued at $311,731.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other GitLab news, Director Merline Saintil sold 1,329 shares of GitLab stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total transaction of $58,848.12. Following the completion of the sale, the director now directly owns 7,040 shares of the company’s stock, valued at approximately $311,731.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,608 shares of company stock valued at $6,340,633. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Several large investors have recently modified their holdings of GTLB. Norges Bank purchased a new position in GitLab during the fourth quarter valued at approximately $222,591,000. Capital Research Global Investors increased its holdings in shares of GitLab by 78.5% in the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after acquiring an additional 3,096,437 shares during the period. 1832 Asset Management L.P. bought a new position in shares of GitLab in the 4th quarter worth $76,918,000. Vanguard Group Inc. lifted its stake in shares of GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after purchasing an additional 1,070,994 shares during the last quarter. Finally, Westfield Capital Management Co. LP bought a new stake in GitLab during the first quarter valued at about $49,196,000. 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.