GitLab (NASDAQ:GTLB) Given New $80.00 Price Target at KeyCorp

GitLab (NASDAQ:GTLB) had its price target increased by KeyCorp from $74.00 to $80.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently weighed in on GTLB. Cantor Fitzgerald upgraded shares of GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. Robert W. Baird boosted their price objective on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday. Barclays raised their target price on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Scotiabank boosted their price target on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday. Finally, Morgan Stanley assumed coverage on GitLab in a report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $74.56.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $67.19 on Friday. GitLab has a 12-month low of $40.72 and a 12-month high of $78.53. The stock’s 50 day simple moving average is $57.91 and its 200 day simple moving average is $52.28.

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

Insiders Place Their Bets

In related news, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. 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 Trading of GitLab

Hedge funds and other institutional investors have recently modified their holdings of the business. Future Financial Wealth Managment LLC purchased a new stake in GitLab in the 3rd quarter worth about $52,000. True Wealth Design LLC acquired a new position in shares of GitLab in the 3rd quarter valued at about $56,000. Rakuten Securities Inc. lifted its position in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP boosted 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 purchasing an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in GitLab during the third quarter valued at approximately $96,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.