GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

GitLab (NASDAQ:GTLB) had its target price lifted by equities research analysts at Royal Bank of Canada from $73.00 to $80.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 15.99% from the company’s previous close.

GTLB has been the subject of several other reports. KeyCorp raised their price objective on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday. Canaccord Genuity Group raised their price target on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday. Robert W. Baird upped their price objective on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday. Bank of America upped their price target on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, TD Cowen upped their target price on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.16.

GitLab Stock Up 4.4 %

Shares of NASDAQ GTLB traded up $2.93 during midday trading on Friday, hitting $68.97. The stock had a trading volume of 4,756,462 shares, compared to its average volume of 2,355,647. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53. The company has a market capitalization of $11.07 billion, a PE ratio of -29.47 and a beta of 0.54. The stock has a 50 day simple moving average of $57.60 and a 200-day simple moving average of $52.22.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $176.86 million. During the same period in the previous year, the business posted ($0.29) earnings per share. GitLab’s quarterly revenue was up 30.8% on a year-over-year basis. As a group, analysts expect that GitLab will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the sale, the insider now directly owns 136,076 shares of the company’s stock, valued at $7,484,180. This represents a 2.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several large investors have recently modified their holdings of GTLB. Future Financial Wealth Managment LLC purchased a new stake in GitLab in the 3rd quarter valued at $52,000. True Wealth Design LLC purchased a new stake in shares of GitLab in the third quarter valued at about $56,000. Rakuten Securities Inc. boosted its stake in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares during the period. Quarry LP grew its holdings in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in GitLab in the 3rd quarter valued at about $96,000. 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.