GitLab Inc. (NASDAQ:GTLB) Given Consensus Rating of "Moderate Buy" by Brokerages

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the twenty-five ratings firms that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, twenty-one have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $66.38.

A number of equities research analysts have recently commented on the stock. Bank of America upped their price objective on shares of GitLab from $66.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. BTIG Research increased their target price on GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Scotiabank lifted their target price on GitLab from $59.00 to $65.00 and gave the company a "sector outperform" rating in a research report on Wednesday, September 4th. Robert W. Baird increased their price target on GitLab from $59.00 to $62.00 and gave the company an "outperform" rating in a research note on Wednesday, September 4th. Finally, TD Cowen upped their price target on GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th.

GitLab Trading Down 0.3 %

Shares of GTLB traded down $0.20 on Tuesday, reaching $59.95. 1,027,375 shares of the company's stock traded hands, compared to its average volume of 2,344,188. The stock has a market cap of $9.62 billion, a PE ratio of -25.71 and a beta of 0.45. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53. The stock's 50 day simple moving average is $53.82 and its two-hundred day simple moving average is $51.06.

GitLab (NASDAQ:GTLB - Get Free Report) last released its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million during 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%. GitLab's revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.29) EPS. Analysts forecast that GitLab will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the transaction, the chief financial officer now owns 242,803 shares of the company's stock, valued at approximately $13,776,642.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other GitLab news, CFO Brian G. Robins sold 16,666 shares of the company's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the transaction, the chief financial officer now owns 242,803 shares of the company's stock, valued at approximately $13,776,642.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.72, for a total transaction of $177,840.00. Following the completion of the sale, the director now owns 141,233 shares of the company's stock, valued at $7,728,269.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,007 shares of company stock worth $5,320,233. Corporate insiders own 21.36% of the company's stock.

Hedge Funds Weigh In On GitLab

Several large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its stake in GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company's stock worth $33,000 after buying an additional 548 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in GitLab by 59.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,017 shares of the company's stock valued at $1,692,000 after buying an additional 10,857 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in GitLab by 4.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,628 shares of the company's stock valued at $1,903,000 after purchasing an additional 1,391 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of GitLab by 104.9% in the 1st quarter. Oppenheimer & Co. Inc. now owns 7,262 shares of the company's stock worth $424,000 after acquiring an additional 3,718 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of GitLab by 25.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 15,449 shares of the company's stock valued at $901,000 after acquiring an additional 3,119 shares during the last quarter. Hedge funds and other institutional investors 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.