Cantor Fitzgerald Upgrades GitLab (NASDAQ:GTLB) to “Strong-Buy”

GitLab (NASDAQ:GTLB) was upgraded by Cantor Fitzgerald to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research analysts also recently commented on GTLB. Bank of America raised their price target on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Barclays lifted their price objective on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. BTIG Research upped their target price on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. UBS Group lifted their price target on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research note on Monday, October 21st. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.38.

GitLab Price Performance

Shares of GTLB stock opened at $60.93 on Tuesday. The stock has a market capitalization of $9.78 billion, a price-to-earnings ratio of -26.04 and a beta of 0.45. The company’s fifty day simple moving average is $54.13 and its two-hundred day simple moving average is $51.09. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53.

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

Insider Buying and Selling at GitLab

In other news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction dated 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 $3,825,254.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Erin Mannix sold 1,433 shares of GitLab 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 completion of the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at approximately $13,423,350.03. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,007 shares of company stock valued at $5,320,233. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Marin boosted its stake in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after purchasing an additional 171 shares during the last quarter. Moloney Securities Asset Management LLC increased its holdings in GitLab by 4.9% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock worth $318,000 after buying an additional 300 shares in the last quarter. Glenmede Trust Co. NA raised its position in GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after buying an additional 334 shares during the last quarter. Canton Hathaway LLC lifted its stake in GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after acquiring an additional 435 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after acquiring an additional 488 shares during the last quarter. Institutional investors own 91.72% of the company’s stock.

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.