GitLab’s (GTLB) Buy Rating Reaffirmed at Truist Financial

GitLab (NASDAQ:GTLB)‘s stock had its “buy” rating restated by analysts at Truist Financial in a research note issued to investors on Friday,Benzinga reports. They currently have a $90.00 price target on the stock, up from their prior price target of $80.00. Truist Financial’s target price points to a potential upside of 36.28% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. DA Davidson restated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research note on Monday, October 14th. KeyCorp raised their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday. Barclays boosted their target price on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 5th. Wells Fargo & Company increased their price target on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, UBS Group boosted their price objective on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $70.56.

GitLab Price Performance

GTLB opened at $66.04 on Friday. The business has a fifty day moving average price of $57.60 and a 200 day moving average price of $52.22. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The stock has a market capitalization of $10.60 billion, a price-to-earnings ratio of -28.22 and a beta of 0.54.

GitLab (NASDAQ:GTLB) last announced 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 return on equity of 15.40% and a negative net margin of 54.62%. The business had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter last year, the business posted ($0.29) EPS. The business’s quarterly revenue was up 30.8% compared to the same quarter last year. On average, research analysts anticipate that GitLab will post -0.41 earnings per share for the current year.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares in the company, valued at $13,423,350.03. This represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock valued at $10,569,356 in the last ninety days. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently bought and sold shares of GTLB. Oddo BHF Asset Management Sas purchased a new stake in GitLab in the 3rd quarter worth approximately $6,865,000. Franklin Resources Inc. increased its stake in shares of 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 acquiring an additional 21,976 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of GitLab during the 3rd quarter worth about $98,000. Sanctuary Advisors LLC lifted its holdings in shares of GitLab by 205.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock worth $631,000 after acquiring an additional 8,242 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after acquiring an additional 132,548 shares during the last quarter. Hedge funds and other 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.