GitLab (NASDAQ:GTLB) PT Raised to $63.00 at TD Cowen

GitLab (NASDAQ:GTLB) had its target price boosted by TD Cowen from $58.00 to $63.00 in a report issued on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also weighed in on the company. Wells Fargo & Company raised their price objective on GitLab from $70.00 to $75.00 and gave the company an overweight rating in a research note on Wednesday. UBS Group lifted their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a buy rating in a research note on Wednesday. Scotiabank increased their price objective on shares of GitLab from $59.00 to $65.00 and gave the company a sector outperform rating in a research note on Wednesday. Canaccord Genuity Group dropped their target price on shares of GitLab from $74.00 to $65.00 and set a buy rating for the company in a research report on Wednesday, June 5th. Finally, Baird R W raised shares of GitLab to a strong-buy rating in a research report on Tuesday, August 27th. Four equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $65.87.

GitLab Stock Down 4.9 %

GTLB opened at $53.09 on Wednesday. The firm’s 50 day moving average is $49.06 and its 200-day moving average is $52.88. GitLab has a 52-week low of $40.19 and a 52-week high of $78.53. The firm has a market capitalization of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The firm’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) EPS. Equities analysts expect that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, Director Merline Saintil sold 1,182 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 9,902 shares in the company, valued at $510,052.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Merline Saintil sold 1,182 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total value of $60,884.82. Following the completion of the transaction, the director now directly owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. Insiders have sold a total of 128,608 shares of company stock worth $6,340,633 in the last ninety days. 21.36% of the stock is owned by insiders.

Hedge Funds Weigh In On GitLab

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its position in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in GitLab during the first quarter worth approximately $58,000. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the first quarter worth approximately $58,000. Quarry LP boosted its stake in GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC acquired a new position in shares of GitLab during the 4th quarter valued at $83,000. 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.