GitLab (NASDAQ:GTLB) Earns Overweight Rating from Analysts at Morgan Stanley

Analysts at Morgan Stanley began coverage on shares of GitLab (NASDAQ:GTLB) in a report issued on Wednesday, Marketbeat reports. The brokerage set an “overweight” rating and a $70.00 price target on the stock. Morgan Stanley’s price target suggests a potential upside of 28.77% from the company’s current price.

Several other research firms have also recently weighed in on GTLB. Scotiabank raised their price target on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. BTIG Research upped their price objective on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Barclays boosted their price objective on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Wells Fargo & Company raised their target price on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, UBS Group boosted their target price on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.22.

GitLab Trading Up 1.0 %

Shares of GTLB stock opened at $54.36 on Wednesday. The stock has a fifty day simple moving average of $48.99 and a two-hundred day simple moving average of $51.16. GitLab has a 52-week low of $40.19 and a 52-week high of $78.53.

GitLab (NASDAQ:GTLB) last released 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 for the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.29) earnings per share. As a group, research analysts anticipate that GitLab will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Erin Mannix sold 1,433 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other GitLab news, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were 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 of the company’s stock, valued at approximately $3,825,254.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Karen Blasing sold 4,430 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $249,187.50. Following the completion of the sale, the director now owns 150,983 shares in the company, valued at approximately $8,492,793.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,765 shares of company stock worth $5,420,967 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently modified their holdings of the business. Westend Capital Management LLC purchased a new position in shares of GitLab in the 3rd quarter valued at approximately $4,934,000. CWM LLC lifted its holdings in shares of GitLab by 40.9% during the third quarter. CWM LLC now owns 65,523 shares of the company’s stock worth $3,377,000 after purchasing an additional 19,022 shares during the period. Future Financial Wealth Managment LLC purchased a new position in GitLab in the 3rd quarter valued at $52,000. Handelsbanken Fonder AB increased its stake in GitLab by 28.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 28,200 shares of the company’s stock valued at $1,453,000 after buying an additional 6,300 shares during the period. Finally, Park Avenue Securities LLC lifted its stake in shares of GitLab by 21.6% in the 3rd quarter. Park Avenue Securities LLC now owns 4,995 shares of the company’s stock worth $257,000 after acquiring an additional 887 shares during the period. 91.72% of the stock is owned by institutional investors and hedge funds.

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.