GitLab (NASDAQ:GTLB) Upgraded to Buy at Needham & Company LLC

Needham & Company LLC upgraded shares of GitLab (NASDAQ:GTLB) from a hold rating to a buy rating in a report issued on Monday, MarketBeat reports. They currently have $70.00 target price on the stock.

Several other research firms also recently commented on GTLB. Barclays lifted their price objective on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, September 5th. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 price objective on shares of GitLab in a research report on Monday, August 19th. Bank of America lifted their target price on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada increased their price target on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Finally, Baird R W raised GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.38.

GitLab Stock Performance

Shares of GTLB stock opened at $55.64 on Monday. The company has a market capitalization of $8.84 billion, a price-to-earnings ratio of -20.23 and a beta of 0.46. GitLab has a one year low of $40.19 and a one year high of $78.53. The company’s 50-day moving average is $51.39 and its 200 day moving average is $51.00.

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

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at $12,758,527.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 23,332 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the sale, the chief financial officer now owns 259,109 shares in the company, valued at $12,758,527.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,673 shares of company stock valued at $5,523,472. 21.36% of the stock is owned by company insiders.

Institutional Trading of GitLab

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of GitLab by 12.9% in the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after purchasing an additional 1,070,994 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of GitLab in the 1st quarter worth $58,000. Park Avenue Securities LLC increased its holdings in shares of GitLab by 9.6% in the 1st quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock worth $207,000 after buying an additional 311 shares during the last quarter. Arkfeld Wealth Strategies L.L.C. purchased a new stake in shares of GitLab during the 1st quarter valued at about $722,000. Finally, Counterpoint Mutual Funds LLC bought a new position in shares of GitLab in the 1st quarter valued at about $251,000. Institutional investors own 91.72% of the company’s stock.

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.