Needham & Company LLC Raises GitLab (NASDAQ:GTLB) Price Target to $85.00

GitLab (NASDAQ:GTLB - Free Report) had its price objective lifted by Needham & Company LLC from $70.00 to $85.00 in a research report sent to investors on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

GTLB has been the topic of a number of other research reports. Baird R W raised GitLab to a "strong-buy" rating in a research report on Tuesday, August 27th. Cantor Fitzgerald raised GitLab to a "strong-buy" rating in a research report on Tuesday, November 12th. BTIG Research upped their price objective on GitLab from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Wednesday, September 4th. KeyCorp raised their target price on shares of GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Morgan Stanley initiated coverage on shares of GitLab in a report on Wednesday, October 9th. They set an "overweight" rating and a $70.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $74.56.

GitLab Price Performance

Shares of GTLB traded up $1.15 during mid-day trading on Friday, hitting $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 52 week low of $40.72 and a 52 week high of $78.53. The company has a 50-day simple moving average of $57.91 and a 200 day simple moving average of $52.28.

GitLab (NASDAQ:GTLB - Get Free Report) last released its 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. 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 the consensus estimate of $176.86 million. During the same quarter last year, the firm earned ($0.29) earnings per share. The firm's revenue for the quarter was up 30.8% compared to the same quarter last year. As a group, equities research analysts forecast that GitLab will post -0.41 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the business's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction dated Monday, September 9th. The stock was 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 in the company, valued at $13,423,350.03. The trade was a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Cetera Advisors LLC acquired a new position in shares of GitLab during the 1st quarter worth $368,000. M&G Plc bought a new position in shares of GitLab in the second quarter worth about $10,266,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of GitLab by 5.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company's stock valued at $3,355,000 after purchasing an additional 3,570 shares in the last quarter. Tran Capital Management L.P. grew its holdings in shares of GitLab by 127.6% during the 2nd quarter. Tran Capital Management L.P. now owns 200,628 shares of the company's stock valued at $9,975,000 after purchasing an additional 112,490 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in GitLab during the 2nd quarter worth approximately $214,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

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.