GitLab (NASDAQ:GTLB - Free Report) had its target price lifted by Morgan Stanley from $70.00 to $77.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.
Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of GitLab from $60.00 to $65.00 and gave the stock a "neutral" rating in a report on Friday. Scotiabank boosted their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a "sector outperform" rating in a research report on Wednesday. The Goldman Sachs Group raised their target price on GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a report on Friday. Cantor Fitzgerald upped their price target on GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Piper Sandler boosted their price objective on GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday. 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. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $74.56.
Check Out Our Latest Report on GTLB
GitLab Stock Performance
Shares of GTLB traded up $1.15 on Friday, hitting $67.19. 12,913,277 shares of the stock traded hands, compared to its average volume of 1,952,928. The company has a market capitalization of $10.78 billion, a PE ratio of -209.97 and a beta of 0.54. GitLab has a one year low of $40.72 and a one year high of $78.53. The business has a 50 day simple moving average of $57.91 and a 200 day simple moving average of $52.24.
GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share 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 the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm's revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.29) earnings per share. On average, equities analysts expect that GitLab will post -0.41 earnings per share for the current year.
Insider Activity at GitLab
In other news, CEO Sytse Sijbrandij sold 56,000 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the firm's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares of the company's stock, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, 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 bought and sold shares of the business. Bank of Marin grew its holdings in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company's stock worth $302,000 after acquiring an additional 171 shares in the last quarter. Moloney Securities Asset Management LLC increased its holdings in GitLab by 4.9% during the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company's stock valued at $318,000 after buying an additional 300 shares during the period. Glenmede Trust Co. NA lifted its holdings in GitLab by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company's stock worth $596,000 after buying an additional 334 shares during the period. Canton Hathaway LLC boosted its position in GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company's stock valued at $104,000 after acquiring an additional 435 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company's stock valued at $157,000 after acquiring an additional 488 shares during the period. Hedge funds and other institutional investors own 91.72% of the company's stock.
About GitLab
(
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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.
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