Analysts Set GitLab Inc. (NASDAQ:GTLB) PT at $66.05

Shares of GitLab Inc. (NASDAQ:GTLB) have received an average recommendation of “Moderate Buy” from the twenty-four analysts that are covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation, nineteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $66.05.

A number of research analysts have recently weighed in on GTLB shares. Needham & Company LLC restated a “hold” rating on shares of GitLab in a research report on Wednesday, September 4th. DA Davidson reaffirmed a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a research note on Thursday, August 29th. Royal Bank of Canada raised their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. KeyCorp decreased their price target on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company lifted their price objective on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th.

GitLab Trading Up 0.5 %

NASDAQ:GTLB opened at $51.65 on Monday. The stock has a 50-day moving average price of $49.35 and a 200 day moving average price of $51.49. The stock has a market capitalization of $8.21 billion, a P/E ratio of -18.78 and a beta of 0.44. GitLab has a 12-month low of $40.19 and a 12-month high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter last year, the business posted ($0.29) earnings per share. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. On average, research analysts predict that GitLab will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other GitLab news, insider Robin Schulman sold 2,402 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total transaction of $135,112.50. Following the transaction, the insider now directly owns 142,933 shares in the company, valued at approximately $8,039,981.25. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. The disclosure for this sale can be found here. Insiders have sold a total of 108,947 shares of company stock worth $5,481,851 over the last quarter. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of large investors have recently made changes to their positions in GTLB. Vanguard Group Inc. increased its holdings in shares of 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 in the last quarter. Capital Research Global Investors increased 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 valued at $410,597,000 after acquiring an additional 3,096,437 shares during the period. Fiera Capital Corp raised its stake in GitLab by 1.2% in the 2nd quarter. Fiera Capital Corp now owns 1,242,468 shares of the company’s stock worth $61,776,000 after acquiring an additional 14,687 shares during the last quarter. 1832 Asset Management L.P. acquired a new stake in GitLab during the 4th quarter worth about $76,918,000. Finally, Renaissance Technologies LLC grew its stake in GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after purchasing an additional 747,712 shares during the last quarter. 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.