GitLab (NASDAQ:GTLB) Price Target Raised to $55.00

GitLab (NASDAQ:GTLB) had its target price lifted by Barclays from $50.00 to $55.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price indicates a potential downside of 1.24% from the company’s previous close.

GTLB has been the topic of several other research reports. UBS Group lifted their target price on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday. Scotiabank upped their price objective on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Wednesday. Citic Securities assumed coverage on shares of GitLab in a research note on Monday, June 3rd. They set a “buy” rating and a $80.00 target price on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research note on Thursday, August 29th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of GitLab in a report on Wednesday. Four research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average price target of $65.83.

GitLab Stock Performance

Shares of GitLab stock traded up $1.34 during trading on Thursday, hitting $55.69. 1,331,698 shares of the stock were exchanged, compared to its average volume of 2,564,568. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The stock’s fifty day moving average is $48.86 and its 200 day moving average is $53.12. The stock has a market cap of $8.85 billion, a PE ratio of -20.25 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. GitLab’s quarterly revenue was up 30.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.29) EPS. Sell-side analysts anticipate that GitLab will post -0.5 EPS for the current fiscal year.

Insider Transactions at GitLab

In other GitLab news, 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 transaction of $2,743,440.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robin Schulman sold 2,402 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $135,112.50. Following the completion of the sale, the insider now directly owns 142,933 shares of the company’s stock, valued at approximately $8,039,981.25. The disclosure for this sale can be found here. Insiders sold 140,275 shares of company stock valued at $6,848,847 over the last three months. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

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