Cantor Fitzgerald Reaffirms Overweight Rating for GitLab (NASDAQ:GTLB)

Cantor Fitzgerald reiterated their overweight rating on shares of GitLab (NASDAQ:GTLB) in a research report released on Monday, Benzinga reports. Cantor Fitzgerald currently has a $55.00 price objective on the stock.

Other equities research analysts have also issued research reports about the stock. KeyCorp lowered their target price on shares of GitLab from $70.00 to $62.00 and set an overweight rating for the company in a report on Tuesday, June 4th. Bank of America reduced their price target on shares of GitLab from $85.00 to $80.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Mizuho cut their target price on shares of GitLab from $70.00 to $62.00 and set a buy rating on the stock in a research report on Tuesday, June 4th. Citic Securities initiated coverage on shares of GitLab in a research report on Monday, June 3rd. They set a buy rating and a $80.00 target price on the stock. Finally, Canaccord Genuity Group cut their target price on shares of GitLab from $74.00 to $65.00 and set a buy rating on the stock in a research report on Wednesday, June 5th. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, GitLab currently has a consensus rating of Moderate Buy and a consensus target price of $67.30.

GitLab Stock Up 1.6 %

GTLB stock opened at $47.26 on Monday. GitLab has a 52 week low of $40.19 and a 52 week high of $78.53. The company has a fifty day simple moving average of $48.20 and a two-hundred day simple moving average of $54.95. The firm has a market capitalization of $7.51 billion, a P/E ratio of -17.19 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.09. The business had revenue of $169.19 million during the quarter, compared to analyst estimates of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. As a group, analysts anticipate that GitLab will post -0.5 EPS for the current year.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction that occurred on Thursday, August 1st. The shares were 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 directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Karen Blasing sold 4,430 shares of GitLab 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 $249,187.50. Following the completion of the sale, the director now directly owns 150,983 shares in the company, valued at approximately $8,492,793.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the sale, the chief financial officer now owns 259,109 shares of the company’s stock, valued at $12,758,527.16. The disclosure for this sale can be found here. Insiders sold 140,275 shares of company stock worth $6,848,847 in the last three months. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after acquiring an additional 1,070,994 shares during the period. Capital Research Global Investors lifted its stake in GitLab by 78.5% during the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after acquiring an additional 3,096,437 shares during the period. Norges Bank acquired a new stake in GitLab during the 4th quarter valued at approximately $222,591,000. Fiera Capital Corp lifted its stake in GitLab by 1.2% during the 2nd quarter. Fiera Capital Corp now owns 1,242,468 shares of the company’s stock valued at $61,776,000 after acquiring an additional 14,687 shares during the period. Finally, 1832 Asset Management L.P. acquired a new stake in GitLab during the 4th quarter valued at approximately $76,918,000. 91.72% of the stock is currently 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.