GitLab (NASDAQ:GTLB) Price Target Raised to $70.00 at TD Cowen

GitLab (NASDAQ:GTLB) had its price target lifted by TD Cowen from $63.00 to $70.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

GTLB has been the subject of a number of other research reports. DA Davidson restated a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a research report on Monday, October 14th. Morgan Stanley initiated coverage on GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Needham & Company LLC upgraded GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Monday, October 21st. Robert W. Baird increased their target price on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Finally, Barclays raised their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, September 5th. Three investment 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 stock. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $66.67.

GitLab Trading Up 0.6 %

Shares of NASDAQ:GTLB traded up $0.42 during midday trading on Thursday, hitting $65.22. The company had a trading volume of 98,449 shares, compared to its average volume of 2,329,264. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The firm has a fifty day simple moving average of $55.08 and a 200 day simple moving average of $51.49. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of -27.69 and a beta of 0.45.

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 15.40% and a negative net margin of 54.62%. The company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the prior year, the business posted ($0.29) EPS. GitLab’s revenue was up 30.8% on a year-over-year basis. Equities analysts forecast that GitLab will post -0.41 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the transaction, the insider now directly owns 136,076 shares in the company, valued at $7,484,180. The trade was a 2.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,033 shares of company stock worth $10,569,356. 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. State Street Corp increased its holdings in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after purchasing an additional 132,548 shares during the last quarter. Fiera Capital Corp increased its stake in shares of GitLab by 1.4% in the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after buying an additional 16,961 shares during the period. Bamco Inc. NY raised its holdings in GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after buying an additional 4,874 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in 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 buying an additional 747,712 shares during the period. 91.72% of the stock is currently 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.