GitLab (NASDAQ:GTLB) Price Target Raised to $75.00 at Robert W. Baird

GitLab (NASDAQ:GTLB - Get Free Report) had its target price hoisted by equities research analysts at Robert W. Baird from $62.00 to $75.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price target points to a potential upside of 11.62% from the company's current price.

GTLB has been the topic of several other reports. Bank of America upped their price target on GitLab from $66.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Wells Fargo & Company increased their price target on shares of GitLab from $70.00 to $75.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 4th. KeyCorp raised their price target on shares of GitLab from $62.00 to $74.00 and gave the stock an "overweight" rating in a report on Tuesday, November 26th. Scotiabank upped their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a "sector outperform" rating in a research note on Wednesday. Finally, Morgan Stanley began coverage on shares of GitLab in a research note on Wednesday, October 9th. They set an "overweight" rating and a $70.00 target price for the company. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, GitLab has an average rating of "Moderate Buy" and an average price target of $74.56.

GitLab Stock Up 1.7 %

Shares of GTLB stock traded up $1.15 during trading hours on Friday, reaching $67.19. 12,913,277 shares of the stock traded hands, compared to its average volume of 1,952,928. GitLab has a 1-year low of $40.72 and a 1-year high of $78.53. The business has a fifty day moving average price of $57.91 and a 200 day moving average price of $52.28.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company's revenue was up 30.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.29) EPS. As a group, equities research analysts anticipate that GitLab will post -0.41 EPS for the current year.

Insider Buying and Selling

In other news, CAO Erin Mannix sold 1,433 shares of the company'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 completion of the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the firm's stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares in the company, valued at approximately $13,423,350.03. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock worth $10,569,356 in the last quarter. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently made changes to their positions in GTLB. Oddo BHF Asset Management Sas bought a new position in GitLab in the third quarter worth $6,865,000. Franklin Resources Inc. lifted its holdings in shares of GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock worth $146,774,000 after acquiring an additional 21,976 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of GitLab during the 3rd quarter valued at about $98,000. Sanctuary Advisors LLC increased its stake in GitLab by 205.9% in the third quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company's stock valued at $631,000 after acquiring an additional 8,242 shares during the period. Finally, Geode Capital Management LLC raised its position in GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock worth $104,476,000 after purchasing an additional 132,548 shares in the last quarter. 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.