GitLab Inc. (NASDAQ:GTLB) Given Average Rating of “Moderate Buy” by Analysts

GitLab Inc. (NASDAQ:GTLB) has been given an average rating of “Moderate Buy” by the twenty-five analysts that are presently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $67.30.

GTLB has been the subject of several research reports. Capital One Financial began coverage on shares of GitLab in a research note on Friday, March 22nd. They set an “overweight” rating and a $72.00 price objective for the company. Canaccord Genuity Group lowered their price target on shares of GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. DA Davidson reduced their price objective on GitLab from $65.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. Bank of America lowered their target price on GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company started coverage on GitLab in a research report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 price target for the company.

GitLab Trading Down 2.2 %

NASDAQ:GTLB opened at $50.95 on Wednesday. The firm has a fifty day simple moving average of $50.15 and a 200-day simple moving average of $58.25. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The company has a market capitalization of $8.10 billion, a P/E ratio of -18.53 and a beta of 0.46.

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

Insider Buying and Selling at GitLab

In other news, Director Merline Saintil sold 1,182 shares of the stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total value of $60,884.82. Following the transaction, the director now owns 9,902 shares in the company, valued at approximately $510,052.02. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Merline Saintil sold 1,182 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total value of $60,884.82. Following the completion of the sale, the director now owns 9,902 shares in the company, valued at approximately $510,052.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 23,334 shares of the business’s 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 transaction, the chief financial officer now owns 282,441 shares in the company, valued at approximately $14,189,835.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,611 shares of company stock valued at $2,398,115. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently modified their holdings of GTLB. Byrne Asset Management LLC acquired a new position in GitLab during the first quarter worth about $33,000. Allspring Global Investments Holdings LLC lifted its stake in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in GitLab during the 1st quarter valued at $58,000. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the 1st quarter valued at $58,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of GitLab in the fourth quarter valued at $71,000. Hedge funds and other 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.