UBS Group Raises GitLab (NASDAQ:GTLB) Price Target to $65.00

GitLab (NASDAQ:GTLB) had its price target upped by UBS Group from $62.00 to $65.00 in a research note issued to investors on Wednesday, Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other equities research analysts also recently issued reports on GTLB. JPMorgan Chase & Co. decreased their price target on shares of GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a research note on Tuesday, June 4th. Citic Securities began coverage on shares of GitLab in a report on Monday, June 3rd. They issued a buy rating and a $80.00 price target for the company. Barclays reduced their price objective on GitLab from $55.00 to $50.00 and set an equal weight rating on the stock in a research note on Tuesday, June 4th. Scotiabank raised their price objective on GitLab from $59.00 to $65.00 and gave the company a sector outperform rating in a research note on Wednesday. Finally, DA Davidson reissued a neutral rating and set a $50.00 target price on shares of GitLab in a research report on Thursday, August 29th. Four equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, GitLab currently has a consensus rating of Moderate Buy and a consensus price target of $65.87.

GitLab Stock Down 4.9 %

GTLB opened at $53.09 on Wednesday. The company has a market capitalization of $8.44 billion, a PE ratio of -19.31 and a beta of 0.44. The firm has a 50-day simple moving average of $49.06 and a two-hundred day simple moving average of $52.88. GitLab has a 52 week low of $40.19 and a 52 week 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, beating analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same period in the prior year, the company earned ($0.29) earnings per share. The firm’s revenue was up 30.8% on a year-over-year basis. As a group, sell-side analysts expect that GitLab will post -0.5 earnings per share for the current year.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total transaction of $530,381.82. Following the transaction, the chief financial officer now directly owns 293,508 shares in the company, valued at approximately $13,342,873.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total value of $530,381.82. Following the completion of the sale, the chief financial officer now owns 293,508 shares of the company’s stock, valued at approximately $13,342,873.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Merline Saintil sold 1,329 shares of GitLab stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total transaction of $58,848.12. Following the transaction, the director now directly owns 7,040 shares in the company, valued at $311,731.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 128,608 shares of company stock worth $6,340,633. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently made changes to their positions in GTLB. Norges Bank bought a new position in GitLab in the fourth quarter worth about $222,591,000. Capital Research Global Investors grew its position in shares of GitLab by 78.5% in the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after buying an additional 3,096,437 shares during the last quarter. 1832 Asset Management L.P. bought a new position in shares of GitLab during the 4th quarter worth approximately $76,918,000. Vanguard Group Inc. lifted its position in GitLab by 12.9% during the fourth 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 last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in GitLab in the first quarter valued at approximately $49,196,000. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

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.