GitLab (NASDAQ:GTLB) Price Target Raised to $65.00 at JPMorgan Chase & Co.

GitLab (NASDAQ:GTLB - Free Report) had its target price boosted by JPMorgan Chase & Co. from $60.00 to $65.00 in a research note issued to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

GTLB has been the subject of several other reports. Barclays lifted their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an "equal weight" rating in a report on Thursday, September 5th. Bank of America lifted their target price on shares of GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. Wells Fargo & Company lifted their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday. Morgan Stanley started coverage on shares of GitLab in a research note on Wednesday, October 9th. They issued an "overweight" rating and a $70.00 price target for the company. Finally, Scotiabank lifted their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a "sector outperform" rating in a research note on Wednesday. Three equities 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $74.56.

GitLab Price Performance

NASDAQ GTLB traded up $1.15 during trading hours on Friday, reaching $67.19. 12,913,277 shares of the company's stock traded hands, compared to its average volume of 1,952,928. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53. The firm has a market cap of $10.78 billion, a PE ratio of -209.97 and a beta of 0.54. The firm 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 results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating 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 company had revenue of $182.58 million during the quarter, compared to analysts' expectations of $176.86 million. During the same period last year, the company posted ($0.29) EPS. GitLab's revenue was up 30.8% on a year-over-year basis. Sell-side analysts forecast that GitLab will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Brian G. Robins sold 16,668 shares of the company's stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares of the company's stock, valued at $13,423,350.03. This represents a 6.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the company's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold a total of 185,033 shares of company stock worth $10,569,356 over the last three months. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Hedge funds have recently bought and sold shares of the business. ARK Investment Management LLC bought a new position in GitLab during the third quarter valued at $13,435,000. Connor Clark & Lunn Investment Management Ltd. increased its position in GitLab by 111.1% during 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 acquiring an additional 176,967 shares during the last quarter. Mission Creek Capital Partners Inc. increased its position in GitLab by 113.9% during the third quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company's stock valued at $4,119,000 after acquiring an additional 42,550 shares during the last quarter. Victory Capital Management Inc. increased its position in GitLab by 56.1% during the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company's stock valued at $18,155,000 after acquiring an additional 126,578 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new position in GitLab during the second quarter valued at $16,071,000. Hedge funds and other institutional investors 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.