GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, Scotiabank Analyst Says

GitLab (NASDAQ:GTLB) had its target price upped by research analysts at Scotiabank from $65.00 to $75.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price indicates a potential upside of 11.13% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research note on Monday, October 21st. KeyCorp upped their price target on GitLab from $62.00 to $74.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. TD Cowen raised their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Bank of America boosted their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, BTIG Research increased their target price on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $67.58.

GitLab Stock Up 5.7 %

GTLB traded up $3.63 during trading on Wednesday, reaching $67.49. 638,517 shares of the stock traded hands, compared to its average volume of 2,320,762. The stock’s 50-day moving average is $57.01 and its 200 day moving average is $52.02. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The stock has a market capitalization of $10.83 billion, a PE ratio of -28.84 and a beta of 0.54.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (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 analysts’ expectations of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.29) EPS. As a group, equities research analysts anticipate that GitLab will post -0.41 EPS for the current year.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock valued at $10,569,356 in the last 90 days. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of large investors have recently modified their holdings of the company. Cetera Advisors LLC purchased a new stake in GitLab in the 1st quarter worth approximately $368,000. CWM LLC boosted its stake in GitLab by 24.9% during the second quarter. CWM LLC now owns 46,501 shares of the company’s stock valued at $2,312,000 after buying an additional 9,272 shares during the period. M&G Plc purchased a new position in GitLab during the second quarter worth about $10,266,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of GitLab by 5.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock valued at $3,355,000 after acquiring an additional 3,570 shares in the last quarter. Finally, Tran Capital Management L.P. lifted its position in GitLab by 127.6% during the second quarter. Tran Capital Management L.P. now owns 200,628 shares of the company’s stock valued at $9,975,000 after purchasing an additional 112,490 shares during the last quarter. 91.72% of the stock is currently owned by institutional investors.

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.