GitLab (NASDAQ:GTLB) Price Target Raised to $85.00 at Piper Sandler

GitLab (NASDAQ:GTLB) had its target price lifted by Piper Sandler from $75.00 to $85.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts also recently weighed in on GTLB. UBS Group upped their price target on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company increased their target price on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Scotiabank increased their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday. KeyCorp increased their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Cantor Fitzgerald upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. Three analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.56.

GitLab Stock Performance

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

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 the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted ($0.29) EPS. On average, research analysts anticipate that GitLab will post -0.41 EPS for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $59.41, for a total value of $193,082.50. Following the sale, the director now directly owns 137,983 shares in the company, valued at approximately $8,197,570.03. This represents a 2.30 % 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 over the last ninety days. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently made changes to their positions in the company. ARK Investment Management LLC bought a new stake in shares of GitLab in the third quarter worth about $13,435,000. Mission Creek Capital Partners Inc. grew its position in GitLab by 113.9% in the third quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company’s stock worth $4,119,000 after acquiring an additional 42,550 shares in the last quarter. Victory Capital Management Inc. grew its position in GitLab by 56.1% in the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock worth $18,155,000 after acquiring an additional 126,578 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in GitLab by 111.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock worth $17,334,000 after acquiring an additional 176,967 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new position in GitLab in the second quarter worth about $16,071,000. 91.72% of the stock is 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.