GitLab (NASDAQ:GTLB) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of GitLab (NASDAQ:GTLB) in a research report report published on Friday morning, Benzinga reports. The firm currently has a $65.00 target price on the stock.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a research note on Tuesday, June 4th. UBS Group cut their price objective on shares of GitLab from $81.00 to $75.00 and set a buy rating on the stock in a report on Tuesday, March 5th. Wells Fargo & Company began coverage on GitLab in a report on Tuesday, April 9th. They issued an overweight rating and a $70.00 price target on the stock. Barclays decreased their price target on shares of GitLab from $55.00 to $50.00 and set an equal weight rating on the stock in a research report on Tuesday, June 4th. Finally, Bank of America decreased their target price on shares of GitLab from $85.00 to $80.00 and set a buy rating for the company in a research note on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $67.30.

GitLab Trading Up 0.5 %

Shares of GTLB stock opened at $49.72 on Friday. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The stock has a market cap of $7.90 billion, a P/E ratio of -18.08 and a beta of 0.44. The company has a 50 day simple moving average of $50.70 and a two-hundred day simple moving average of $59.07.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The company had revenue of $169.19 million during the quarter, compared to analyst estimates of $165.66 million. As a group, equities analysts forecast that GitLab will post -0.5 earnings per share for the current year.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the transaction, the chief financial officer now owns 305,175 shares of the company’s stock, valued at $13,293,423. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Merline Saintil sold 1,329 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the transaction, the director now directly 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 is available through this hyperlink. Also, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total transaction of $508,214.52. Following the sale, the chief financial officer now owns 305,175 shares in the company, valued at $13,293,423. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,157 shares of company stock valued at $4,194,167. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Byrne Asset Management LLC purchased a new position in GitLab in the first quarter valued at $33,000. Allspring Global Investments Holdings LLC grew its holdings in shares of GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the period. Ramirez Asset Management Inc. purchased a new position in GitLab during the third quarter worth about $36,000. SRS Capital Advisors Inc. acquired a new position in GitLab in the 3rd quarter valued at about $40,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of GitLab during the 1st quarter worth approximately $58,000. 91.72% of the stock is currently owned by institutional investors.

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.