GitLab (NASDAQ:GTLB) Price Target Raised to $78.00

GitLab (NASDAQ:GTLB - Get Free Report) had its price objective hoisted by stock analysts at Canaccord Genuity Group from $65.00 to $78.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target indicates a potential upside of 16.09% from the stock's current price.

A number of other brokerages have also issued reports on GTLB. Needham & Company LLC upgraded GitLab from a "hold" rating to a "buy" rating and set a $70.00 price objective on the stock in a research note on Monday, October 21st. Morgan Stanley started coverage on shares of GitLab in a report on Wednesday, October 9th. They issued an "overweight" rating and a $70.00 price objective on the stock. Royal Bank of Canada boosted their target price on shares of GitLab from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 4th. BTIG Research raised their price target on GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. Finally, Bank of America lifted their price target on GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $74.56.

GitLab Stock Performance

GTLB traded up $1.15 on Friday, reaching $67.19. 12,913,277 shares of the company's stock were exchanged, compared to its average volume of 1,952,928. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The stock's fifty day moving average price is $57.91 and its 200-day moving average price is $52.28.

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, beating the consensus estimate 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 business had revenue of $182.58 million during the quarter, compared to analysts' expectations of $176.86 million. During the same quarter in the prior year, the company posted ($0.29) EPS. The business's revenue for the quarter was up 30.8% on a year-over-year basis. As a group, sell-side analysts expect that GitLab will post -0.41 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, insider Robin Schulman sold 2,990 shares of the firm's stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares of the company's stock, valued at $7,484,180. This trade represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the company's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value 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 $3,825,254.40. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by insiders.

Institutional Trading of GitLab

Several large investors have recently modified their holdings of GTLB. Future Financial Wealth Managment LLC acquired a new position in GitLab in the third quarter worth about $52,000. True Wealth Design LLC bought a new stake in shares of GitLab in the 3rd quarter valued at approximately $56,000. Rakuten Securities Inc. raised its position in shares of GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock valued at $73,000 after acquiring an additional 1,032 shares in the last quarter. Quarry LP lifted its stake in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company's stock worth $89,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in GitLab in the third quarter worth $96,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

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.