GitLab (NASDAQ:GTLB) Price Target Raised to $78.00 at Canaccord Genuity Group

GitLab (NASDAQ:GTLB) had its price target boosted by analysts at Canaccord Genuity Group from $65.00 to $78.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 18.11% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Robert W. Baird lifted their target price on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research report on Monday, October 21st. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America lifted their target price on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Morgan Stanley initiated coverage on shares of GitLab in a research note on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target on the stock. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and a consensus price target of $70.16.

GitLab Trading Down 0.8 %

Shares of GTLB opened at $66.04 on Friday. GitLab has a 1-year low of $40.72 and a 1-year high of $78.53. The stock has a market capitalization of $10.60 billion, a P/E ratio of -28.22 and a beta of 0.54. The business’s 50-day moving average price is $57.60 and its 200 day moving average price is $52.22.

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

Insider Transactions at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction dated 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 owns 72,448 shares in the company, valued at $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. The trade was a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,033 shares of company stock worth $10,569,356. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. lifted its position in GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares during the period. State Street Corp raised its stake in shares of GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares during the last quarter. Geode Capital Management LLC lifted its holdings in GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after buying an additional 132,548 shares during the period. Fiera Capital Corp boosted its stake in 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 acquiring an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY grew its holdings in GitLab by 0.4% during the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after acquiring an additional 4,874 shares during the period. 91.72% of the stock is currently owned by institutional investors.

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.