GitLab’s (GTLB) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of GitLab (NASDAQ:GTLB) in a research note published on Wednesday morning, Benzinga reports.

Several other equities research analysts also recently weighed in on GTLB. JPMorgan Chase & Co. reduced their price target on GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a report on Tuesday, June 4th. BTIG Research decreased their target price on GitLab from $71.00 to $58.00 and set a buy rating for the company in a research report on Tuesday, June 4th. Baird R W upgraded shares of GitLab to a strong-buy rating in a report on Tuesday, August 27th. TD Cowen decreased their price objective on shares of GitLab from $76.00 to $58.00 and set a buy rating for the company in a report on Tuesday, August 27th. Finally, KeyCorp dropped their target price on shares of GitLab from $70.00 to $62.00 and set an overweight rating on the stock in a research note on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $65.87.

GitLab Stock Performance

NASDAQ GTLB opened at $53.09 on Wednesday. The business’s 50 day moving average price is $49.06 and its 200-day moving average price is $52.88. GitLab has a fifty-two week low of $40.19 and a fifty-two week high of $78.53. The company has a market cap of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last posted 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 for the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The business’s revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.29) earnings per share. As a group, equities analysts predict that GitLab will post -0.5 EPS for the current year.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.99, for a total transaction of $2,743,440.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 23,334 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $50.24, for a total value of $1,172,300.16. Following the completion of the sale, the chief financial officer now owns 282,441 shares of the company’s stock, valued at $14,189,835.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 128,608 shares of company stock worth $6,340,633. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of GitLab by 12.9% in the 4th 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 grew its stake in GitLab by 78.5% during the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after purchasing an additional 3,096,437 shares during the last quarter. Norges Bank purchased a new position in shares of GitLab in the fourth quarter worth about $222,591,000. Fiera Capital Corp raised its stake in shares of GitLab by 1.2% in the second quarter. Fiera Capital Corp now owns 1,242,468 shares of the company’s stock worth $61,776,000 after purchasing an additional 14,687 shares during the last quarter. Finally, 1832 Asset Management L.P. acquired a new stake in shares of GitLab during the fourth quarter worth about $76,918,000. 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.