Morgan Stanley Begins Coverage on GitLab (NASDAQ:GTLB)

Morgan Stanley assumed coverage on shares of GitLab (NASDAQ:GTLB) in a research report released on Wednesday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $70.00 price target on the stock.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird upped their price objective on GitLab from $59.00 to $62.00 and gave the stock an outperform rating in a research note on Wednesday, September 4th. Scotiabank upped their price objective on GitLab from $59.00 to $65.00 and gave the stock a sector outperform rating in a research note on Wednesday, September 4th. Cantor Fitzgerald restated an overweight rating and set a $55.00 price objective on shares of GitLab in a research note on Monday, August 19th. Barclays upped their price objective on GitLab from $50.00 to $55.00 and gave the stock an equal weight rating in a research note on Thursday, September 5th. Finally, Bank of America upped their price objective on GitLab from $66.00 to $68.00 and gave the stock a buy rating in a research note on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, GitLab currently has a consensus rating of Moderate Buy and a consensus price target of $66.22.

GitLab Trading Up 0.7 %

GTLB opened at $54.73 on Wednesday. GitLab has a 12-month low of $40.19 and a 12-month high of $78.53. The business’s fifty day simple moving average is $49.25 and its 200-day simple moving average is $51.10. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of -19.90 and a beta of 0.46.

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. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the prior year, the company earned ($0.29) EPS. The business’s revenue was up 30.8% compared to the same quarter last year. On average, equities research analysts predict that GitLab will post -0.41 EPS for the current year.

Insider Activity

In related news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.99, for a total transaction of $2,743,440.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,755 shares of company stock valued at $5,585,417. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors have recently bought and sold shares of GTLB. Allspring Global Investments Holdings LLC grew its holdings in 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. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the third quarter valued at approximately $52,000. Banque Cantonale Vaudoise acquired a new stake in GitLab in the first quarter valued at approximately $58,000. Quarry LP grew its holdings in GitLab by 75.1% in the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares during the period. Finally, Tucker Asset Management LLC acquired a new stake in GitLab in the fourth quarter valued at approximately $83,000. 91.72% of the stock is owned by institutional investors and hedge funds.

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.