The Goldman Sachs Group Issues Positive Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price target increased by The Goldman Sachs Group from $80.00 to $88.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also issued reports on GTLB. JPMorgan Chase & Co. increased their target price on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday. Royal Bank of Canada increased their target price on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday. Cantor Fitzgerald increased their price target on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Wells Fargo & Company increased their price target on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Finally, Truist Financial reaffirmed a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday. Three analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $74.56.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $67.19 on Friday. The business has a 50-day moving average of $57.91 and a two-hundred day moving average of $52.28. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly 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 company had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm’s revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.29) earnings per share. As a group, equities research analysts anticipate that GitLab will post -0.41 EPS for the current year.

Insider Transactions at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the transaction, the chief financial officer now owns 250,109 shares in the company, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock valued at $10,569,356 over the last three months. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its position in shares of GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after purchasing an additional 747,712 shares during the last quarter. Primecap Management Co. CA raised its holdings in GitLab by 269.5% in the 2nd quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after acquiring an additional 603,200 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in GitLab in the 3rd quarter valued at approximately $30,827,000. Atreides Management LP acquired a new position in GitLab in the 3rd quarter valued at approximately $25,605,000. Finally, William Blair Investment Management LLC acquired a new position in GitLab in the 2nd quarter valued at approximately $16,071,000. 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.