GitLab (NASDAQ:GTLB - Get Free Report) had its price target upped by research analysts at Cantor Fitzgerald from $75.00 to $80.00 in a report released on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective would indicate a potential upside of 19.07% from the stock's current price.
GTLB has been the topic of a number of other reports. Truist Financial reiterated a "buy" rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday. KeyCorp raised their target price on shares of GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a report on Friday. Bank of America boosted their price target on shares of GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. Barclays raised their price objective on shares of GitLab from $50.00 to $55.00 and gave the company an "equal weight" rating in a report on Thursday, September 5th. Finally, Robert W. Baird increased their target price on GitLab from $62.00 to $75.00 and gave the company an "outperform" rating in a report on Friday. Three research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, GitLab presently has an average rating of "Moderate Buy" and an average price target of $74.56.
Check Out Our Latest Analysis on GitLab
GitLab Trading Up 1.7 %
Shares of NASDAQ:GTLB traded up $1.15 during mid-day trading on Friday, reaching $67.19. 12,913,277 shares of the company traded hands, compared to its average volume of 1,952,928. The company's 50 day moving average price is $57.91 and its 200-day moving average price is $52.28. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53.
GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $182.58 million during the quarter, compared to analysts' expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business's revenue for the quarter was up 30.8% on a year-over-year basis. During the same period last year, the business earned ($0.29) earnings per share. As a group, equities research analysts expect that GitLab will post -0.41 EPS for the current year.
Insider Transactions at GitLab
In other news, CAO Erin Mannix sold 1,433 shares of the company's stock in a transaction on Thursday, September 19th. The shares were 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 of the company's stock, valued at $3,825,254.40. This represents a 1.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $3,062,080.00. The disclosure for this sale can be found here. In the last three months, insiders sold 185,033 shares of company stock valued at $10,569,356. Corporate insiders own 21.36% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in GTLB. Oddo BHF Asset Management Sas purchased a new stake in shares of GitLab in the third quarter valued at $6,865,000. Franklin Resources Inc. boosted its stake 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 purchasing an additional 21,976 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of GitLab during the third quarter worth about $98,000. Sanctuary Advisors LLC raised its position in shares of 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 buying an additional 8,242 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock valued at $104,476,000 after buying an additional 132,548 shares during the period. Hedge funds and other institutional investors own 91.72% of the company's stock.
GitLab Company Profile
(
Get Free Report)
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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