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

GitLab Inc. (NASDAQ:GTLB - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twenty-six ratings firms that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, twenty-two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $74.56.

Several analysts have weighed in on the stock. Royal Bank of Canada upped their price objective on shares of GitLab from $73.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday. TD Cowen raised their target price on shares of GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. Needham & Company LLC increased their price target on GitLab from $70.00 to $85.00 and gave the company a "buy" rating in a research note on Friday. JPMorgan Chase & Co. lifted their price objective on GitLab from $60.00 to $65.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, Canaccord Genuity Group increased their target price on GitLab from $65.00 to $78.00 and gave the company a "buy" rating in a research note on Friday.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of the business's stock in a transaction dated 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 sale, the chief financial officer now owns 250,109 shares of the company's stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the firm's stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock worth $10,569,356 over the last three months. Insiders own 21.36% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Cetera Advisors LLC bought a new position in GitLab in the first quarter valued at approximately $368,000. M&G Plc acquired a new position in shares of GitLab during the 2nd quarter worth $10,266,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of GitLab by 5.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company's stock worth $3,355,000 after buying an additional 3,570 shares during the last quarter. Tran Capital Management L.P. lifted its position in shares of GitLab by 127.6% during the 2nd quarter. Tran Capital Management L.P. now owns 200,628 shares of the company's stock worth $9,975,000 after buying an additional 112,490 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in GitLab in the second quarter valued at about $214,000. Institutional investors own 91.72% of the company's stock.

GitLab Stock Performance

Shares of GTLB traded up $1.15 during mid-day trading on Friday, hitting $67.19. The company's stock had a trading volume of 12,913,277 shares, compared to its average volume of 1,952,928. The firm has a 50-day moving average price of $57.91 and a 200 day moving average price of $52.28. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the previous year, the company earned ($0.29) earnings per share. The business's revenue was up 30.8% compared to the same quarter last year. Equities research analysts anticipate that GitLab will post -0.41 EPS for the current fiscal year.

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.