GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, DA Davidson Analyst Says

GitLab (NASDAQ:GTLB - Get Free Report) had its price objective lifted by equities researchers at DA Davidson from $50.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. DA Davidson's price objective suggests a potential upside of 4.18% from the company's previous close.

Other equities analysts have also issued research reports about the company. TD Cowen boosted their price objective on GitLab from $63.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, November 21st. Needham & Company LLC raised their price objective on shares of GitLab from $70.00 to $85.00 and gave the company a "buy" rating in a research report on Friday. Wells Fargo & Company upped their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday. JPMorgan Chase & Co. increased their price target on shares of GitLab from $60.00 to $65.00 and gave the company a "neutral" rating in a research note on Friday. Finally, Bank of America boosted their price objective on shares of GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.56.

GitLab Stock Performance

NASDAQ:GTLB traded up $1.15 during trading hours on Friday, hitting $67.19. 12,913,277 shares of the company's stock traded hands, compared to its average volume of 1,952,928. The stock's fifty day moving average price is $57.91 and its two-hundred day moving average price is $52.24. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The firm has a market cap of $10.78 billion, a P/E ratio of -209.97 and a beta of 0.54.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its 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. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same quarter in the prior year, the firm earned ($0.29) EPS. The firm's quarterly revenue was up 30.8% compared to the same quarter last year. On average, equities research analysts predict that GitLab will post -0.41 earnings per share for the current year.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction on Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the sale, the director now directly owns 137,983 shares in the company, valued at $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 90 days. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. ARK Investment Management LLC bought a new position in shares of GitLab during the 3rd quarter worth approximately $13,435,000. 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 valued at $17,334,000 after purchasing an additional 176,967 shares in the last quarter. Mission Creek Capital Partners Inc. increased its stake in GitLab by 113.9% in the 3rd quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company's stock valued at $4,119,000 after buying an additional 42,550 shares during the last quarter. Victory Capital Management Inc. increased its stake in GitLab by 56.1% in the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company's stock valued at $18,155,000 after buying an additional 126,578 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new stake in GitLab during the 2nd quarter worth about $16,071,000. Institutional investors and hedge funds 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.